You need local backups. What if internet is not available?
Security issues aside, internet backup is good if you travel
and need to access a backup and don't have your physical
backup media with you.
To be safe, don't backup anything on an internet server that
has a banking, credit card, or other financial account numbers
and especially Social Security numbers. Keep that stuff on multiple
local media.
IMO, there is no such thing as too many backups, especially
if you depend on your computer for business.
Murphy can show up anytime and show that you needed one
more backup than what you have.