Just to add to this discussion, it's also a good idea to have a backup plan for your DAW, and plugin installers. How many times have we seen people install a new version of Pro Tools, something is incompatible, and the previous version is no longer available for download.
The same thing can happen to plugins where a new version may break something and the previous version is no longer able to be downloaded from your account.
Having a backup of all installers, and sound libraries also makes it so much easier to install everything when you reinstall your OS, move to a new computer, ect...
It's also a good idea to backup all Serial Numbers and have a copy stored locally and in the cloud.
Here is a video that goes through some backup strategy ideas that you should consider implementing for your studio. The best way to avoid down time is to think defensively and be responsible for your own needs at all times. The cloud is a great thing. Being able to log in to an account and download what you need when you need it is an awesome advance in how software is delivered. But, don't depend on it always being there. A dedicated backup drive that costs $50-$100 will save you so much time in the long run. Remember the old saying, "It's better to have it and not need it, than to need it and not have it". Backup everything that is critical to your studio!
Pro Studio Basics - Backup your DAW, NLE, Plugins, Serial Numbers
https://www.youtube.com/watch?v=_A-agp9JWWU