Local backups are the cheapest option and provide the basic layer of security. A local backup can keep you safe in the event of hard drive failure or complete system loss. If used correctly, a local backup will also protect you against power surges and ransomware. A local backup has other benefits too, such as being one of the fastest and most reliable ways to restore your data.
A network backup works just like a local backup with the added benefit of being physically separate from your machine. A network backup can also be used by multiple machines wirelessly making backup less of a chore. If used correctly, a network backup will protect you from malware and ransomware.
Cloud backup provides the best sort of protection. With your data being stored away from your home you’re covered when it comes to freak events such as flooding or fire. With a greater disconnect from your local machine, protection against ransomware and malware is much greater. Much like a network backup you can backup multiple machines to the cloud with little to no user input.
You can never have too many backups, in an ideal world, everybody should have a local backup, as that provides the fastest recovery option, a network backup (or second local backup) in the event the primary backup is damaged and finally cloud backup to protect your data in the event of a catastrophe or natural disaster.