I'd also add not just different location but different account. If your cloud account, datacenter/Colo or office is terminated, hacked, burned down, or swallo

I'd also add not just different location but different account. If your cloud account, datacenter/Colo or office is terminated, hacked, burned down, or swallowed by a sink hole.. You don't want your backups going with it. Cloud especially: even if you're on aws and have your backups on Glacier+s3 with replication to 7 datacenters in 3 continents... If your account goes away, so do your backups (or at least your access to them).