Digital data storage is one of the under-exposed (pun intended) topics of digital media. It's not news that magnetic media will suffer dropouts. It happened with tape, and it can happen with hard drives. Usually, I hear of hard drives dying due to other issues, bad sectors, etc, but there is a solution, and it takes a bit of planning.
I have 2 copies of everything, on-site and off, that I constantly migrate forward onto new hardware every year. No, I don't sample every file to ensure that there is no corruption loss, but I do sample a meaningful percentage.
So, I budget an extra $1k every year for storage, and I update the media with newer, usually larger, devices (hard drives currently). I don't use or rely on cloud services, because really, I have almost 2tb of data and that will just never make it to or from any cloud service without additional costs.
I'd rather have digital color stored correctly than forcing myself to only shoot black and white film. (Note, I still shoot a lot of 4x5 C-41).