Unfortunately, it's not enough just to have backups. You have to actually verify that they're correct and up-to-date. Verification is easy when your database is small (for example). You can just load it in your development environment occasionally. But, how do you verify your backups if you have hundreds of gigs or even terabytes of data?
As an example, I've seen cases where backups were successful every night... but, they were being run against a slave db and replication had failed. The result: Excellent backups of weeks old data.