There are many options for internet backup. I use iDrive, which I have been happy with. I also backup up nightly to an external storage device (RAID NAS). I've been using/building/programming computers since the late 60's and have lost more data than most people have. I'm just a bit more than fanatical than most about backup, but it's not without reason.

Personally, I wouldn't be happy with JUST cloud backup or JUST local backup - either can be lost in a blink of an eye.