I often cringe when I hear people say that they don't need offsite backups because they back up on a flash drive or external hard drive. I am not saying that backing up onto storage media is a recipe for disaster, but that having just a thumb drive or hard drive as your only backup is asking for disaster to happen. Storage media, external hard drives and flash drives are notorious for failing when you need them most.
The recent acquirement of Virtustream by EMC highlights the shift of major corporations and technology players toward investing in cloud technology. Moving with the times, embracing new technologies and using them to full advantage should be part of your business plan.