Data loss happens in the cloud.
People delete data. Mostly accidentally, sometimes intentionally. And there is the ever-present threat of ransomware and other malware.
Office 365 provides redundancy, but that only ensures the availability of the present state of the data. It does not back up the data to protect against data loss events.
That means that even in the cloud, data protection is necessary.
SkyKick Cloud Backup for Office 365 protects Exchange Online, SharePoint Online, OneDrive for Business, Groups and Teams data.