In the 90's, I was working for a gov research grant (social program) at a community college. It was a research grant and we only synced data with DC once a month (think dial-up). We rotated backups in three places: bank lock box, safe in IT person's house, and a safe in my apt 2 hours away. We were in a 100 year old building and we were kinda worried.

The gov site visitor was running one of the other programs and "wrote us up" for taking up too much time / effort with backups. we protested and got ourselves cleared to continue. Eight months later I was told that one of the sites lost all their data in a flood. Guess keeping all your data onsite in the basement doesn't really work.