Cloud storage offers offsite back ups incase of fire/flood/theft etc.
Don't bank on it, loads of backup systems are found to be faulty when needed.
Remote servers aren't always reliable, here are a few situations I've come across:-
Server company went bust, everybody trying to recover their data then brought the server to its knees.
Primary server went faulty, secondary server faithfully copied trash and no original data left worth talking about.
Cloud hosting shoved its prices up to over double.
Small print limited how much data you were allowed to recover at once.
Server company lying, both primary and secondary servers were in the same room.