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Nine PBS (PBS member station) lost 50tb/70 years of archives due to cloud provider ending operations abruptly
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And today you can buy a 20tb drive for under a grand.
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For more info:

https://news.ycombinator.com/item?id=49285418 - "Nine PBS sues Iron Mountain over blocked access to archival data" - 229 comments

https://news.ycombinator.com/item?id=49333344 - "Judge sets framework for Nine PBS to retrieve archival data" - 75 comments

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They lost data because of their incompetence and not actually having any backups.
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Their cloud provider was in charge of backups.
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You can try to offload responsibility from them, but every IT and DevOps person that has an inkling of competence knows you don't store your backups in the same place as your prod data.
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It wasn't?
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False: they did not lose the data; they temporarily lost access to it, because of Iron Mountain's security policies. They are, necessarily, pursuing remedies in court. They can and will regain access.
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