If you do not have good protection on your site files can easily get lost. Some of those files may be stored on your computer and easily replaceable, but what about the rest of them? If you lose the first time to them where are you going to get them from again? Especially rename your login url to secure your wordpress website is vital. Often sites have a lot of data and have made a number of files. Recreating all that would be a nightmare, and not something any business owner would like to do.
Everything you have worked for will go with it, should the server of your site go down. You will make no sales, get signups or no traffic to your website, until you have the website back up 32, and in short, you are out of business.
Should you ever wish to migrate your site elsewhere, such as a new hosting company, you'd have the ability to pull this off without a hitch, and also without needing to disturb your old site until the new one was set up and ready to roll.
As I (our fictitious Joe the Hacker) know, people have far too many usernames and passwords to remember. You've got Twitter, Facebook, your online banking, LinkedIn, two blog logins, FTP, internet hosting, etc. accounts which all include logins and passwords you will need to remember.
I prefer to use a WordPress plugin to get the job done. Just make sure the plugin you select is able to do select backups, has restore functionality, and can clone. Be sure it is often updated to keep pace. There's read review absolutely not any use in backing your data up to a plugin that's out of date, and not working.