Whichever method you choose, the other thing you have to worry about is where you keep it. If your original data and your back-up of that data are in the same location you have a potential problem. Fire, flood (from nature or a water line burst), etc. could easily wipe out both your original and back-up. If you have only 1 copy of your back-up data, then media (tape, CD, HD...it doesn't matter) failure can also be a problem. You can purchase fire-proof storage safes/cabinets but that is by no means a perfect solution. If the data is critical, back-ups should be stored off-site and you should probably have two copies.
It really comes down to how much the data is worth and what happens when you loose it. Once you have those questions answered, then you can determine what the best hardware/software solution is.
-Keith