I don't have a problem with Cloud storage but I wouldn't use them as a primary backup. I'm old school. I backup everything to discs twice.
Hard Drives fail even ones not so old. I had to replace my hard drive this last week after it failed and it wasn't even two years old. It use to be a hard drive lasted 5 years or more. Not so it seems ever other year I have to get a new drive now. Western Digital isn't what it use to be
So the more backup copies of your data the better. As for privacy. I wouldn't trust cloud storage for important things but for ebooks, music and transferring between PCs it works great!
I do have externals and they saved me heartbreak this week as I was able to get my stuff backed up before my drive went kaput.