Hi,
what kind of hosting are you on? Basically you want to keep a backup copy of your codebase and your database and ensure that these are as up-to-date as possible.

There are lots of different strategies depending on platform etc but ideally you want something that is as automated as possible so the process does not become onerous so over time you start missing things out.

Do you have Cpanel/whm?

I've automated a daily backup on plesk. So that should be OK. But what happens if my hoster's servers go up in a ball of flames :)? Unlikely I admit, but is there some other way I can backup just in case? Cloud based maybe.

Normally your web hosts will provide some form of guarantee about doing backups on your account themselves so that if their servers go belly up they can restore their own backups. If your host doesn't do this, you should probably start looking elsewhere or ask them about it.

If you want to do a backup yourself I recommend doing a mysql database dump, and backing up the /application and /packages directories at a minimum. Anything in the /concrete or /updates directories you can do without and pull back down from concrete5 if the disaster ever occurs.

If you want to be even more restrictive about what you back up, you should exclude /application/files/cache/ from your backups as this data can take up a decent amount of space and is rebuilt on the fly as it's needed.

My approach is to compress the whole site structure in cpanel with the file manager tool. download that. Then get the database as an export in sql format. That should be everything.