I am interested in learning about cost-effective methods of backing up a shared hosting solution.
There are several options available, including increasing the number of backup drives, obtaining a separate server for backup purposes, utilizing Cloud Solutions such as GoogleDrive, or implementing an in-house backup server.

My suggestion for a backup solution would be Acronis, but if you require a large amount of S3 storage at an affordable cost, I would recommend using Wasabi.
Hopefully, this information is useful to you.

It is recommended to have both local and remote backups if you are using 5TB of space.
 As some have already suggested, Jetbackup is the most user-friendly backup solution for managing backups seamlessly. You can manage your backups easily through Jetbackup.

On a dedicated server, you can set up automatic backups in just one step. Ready-made backups can be stored inside your server and on an external FTP server. It is most convenient to use external FTP servers to store copies.

There are three types of backup:

1) Full backup - which copies all data to a device or separate section of memory. Subsequent copies are also created in full. For example, if the source data size is 100 GB and there are 7 full copies, then the archive size would be 700 GB.

2) Incremental backup - which creates a backup that only contains changes to files and automatically adds or modifies them in the original full backup. With incremental backup, the files are supplemented and not replaced. For instance, if the source data size is 110 GB and changes in one day take up 11 GB, and 7 incremental copies are made, the archive size would be 170 GB (one full copy and changed data).

3) Differential backup - which creates a copy that includes only the files and data that have changed since the previous backup. For instance, if the size of the original data is 110 GB and the changes in one day are 11 GB, and unique data is 5 GB relative to the previous backup, then 7 differential copies will total 135 GB in the archive (one full copy and changed data relative to the previous backup).

When it comes to backing up a shared hosting solution, cost-effectiveness is an important consideration. Here are some options you can explore:

1. Increasing the Number of Backup Drives: One simple solution is to increase the number of backup drives on your existing server. This allows you to store multiple copies of your data, providing redundancy and minimizing the risk of data loss. However, keep in mind that this approach may have limitations in terms of scalability and off-site storage.

2. Obtaining a Separate Server for Backup Purposes: Another option is to invest in a separate server dedicated solely to backup purposes. This provides better scalability and separation of concerns, allowing you to efficiently manage backups without impacting the performance of your shared hosting solution. While this may require an initial investment, it offers more flexibility and control over your backup strategy.

3. Utilizing Cloud Solutions: Cloud storage solutions like Google Drive, Dropbox, or Amazon S3 can provide a cost-effective way to back up your shared hosting solution. These services offer scalable storage options with built-in redundancy, ensuring the safety of your data. By leveraging the cloud, you can offload the burden of maintaining and managing physical infrastructure.

4. Implementing an In-House Backup Server: If you have the technical expertise and resources, setting up an in-house backup server can be a viable and potentially cost-effective solution. This allows you to have full control over your backup process, including hardware, software, and security protocols. However, remember to consider the ongoing maintenance, monitoring, and potential hardware upgrades associated with this approach.

5. Incremental Backups: Consider implementing incremental backups instead of full backups every time. Incremental backups only store changes or updates made since the last backup, which reduces storage requirements and speeds up the backup process.

6. Compression and Deduplication: Use compression techniques to reduce the size of your backups, saving storage space and potentially reducing costs. Additionally, deduplication can eliminate redundant data across multiple backups, further optimizing storage utilization.

7. Third-Party Backup Services: Instead of managing backups on your own, you can explore third-party backup services that specialize in backing up shared hosting solutions. These services often provide cost-effective plans based on storage and bandwidth usage, offering convenience and reliability without the need for significant infrastructure investments.

8. Disaster Recovery as a Service (DRaaS): DRaaS providers offer comprehensive backup and disaster recovery solutions specifically designed for businesses. They handle the backup infrastructure, replication, and even the recovery process, allowing you to focus on your core activities while ensuring data integrity and availability.

9. Backup Automation: Implementing automated backup processes can save time and effort, reducing the need for manual intervention. This can be achieved through various tools and scripts that schedule and execute backups at regular intervals, ensuring consistency and reducing the risk of human error.

10. Regular Testing and Monitoring: Don't forget to regularly test and monitor your backup system to ensure its effectiveness. This helps identify any potential issues or vulnerabilities, allowing you to address them promptly and avoid unnecessary costs associated with failed backups or data loss.

11. Retention Policies: Define and implement retention policies that determine how long backups should be retained. Assess your specific requirements and regulatory obligations to strike a balance between data availability and storage costs.

12. Bandwidth Considerations: Take into account the bandwidth usage of your backup strategy, especially if you choose to utilize cloud-based solutions. Be aware of any potential data transfer fees, especially if you have limited bandwidth or strict budget constraints.

13. Scalability and Growth: Plan for future growth and scalability when designing your backup solution. Ensure that the chosen method can accommodate increasing data volumes and adapt to changing needs without significant disruptions or costly migrations.

14. Off-Site Storage: Consider storing backups in an off-site location to protect against physical disasters such as fires, floods, or theft. This ensures that your backups remain secure even if your primary hosting environment is compromised.

15. Encryption and Security: Implement encryption for your backups to ensure that sensitive data remains protected. This is especially important when utilizing cloud-based backup solutions or when data is being transferred across networks.

16. Data Restoration Process: Evaluate the ease and efficiency of the data restoration process. A cost-effective backup solution should also prioritize quick and reliable data recovery to minimize downtime in case of data loss or system failures.

17. Cost-Benefit Analysis: Conduct a thorough cost-benefit analysis of different backup options, considering both short-term and long-term expenses. Factor in not only the initial setup costs but also ongoing maintenance, storage fees, support requirements, and possible upgrade expenses.