Code Spaces forced to close its doors after security incident

"in the age of cloud infrastructure many organizations think that they can simply pass the buck on backups, getting their geographic distribution and redundancy 'for free' as part of going to the cloud," Thomas added.

"However, anything that's vulnerable to the same threats isn't fulfilling the original intent of offsite backups."

Yep. The old adage of all the eggs in one basket comes to mind. Sad story.