Any company is liable to data loss or even sudden company collapse. You don’t need to fear them deciding to cut you off in order to be backing up.

I had enough faith in MC's ability to keep their own backups that accidental data loss was a risk I was willing to accept. It never occurred to me that they would intentionally do something so counterproductive as shut off my account with no warning and no possibility of recovery (or so they said -- see https://news.ycombinator.com/item?id=18717279).