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What is the point of cloud encryption?

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I don't get it. What use is using a private key for cloud storage, if that private key will just need to be entered into the website to restore?

I would presume I want encryption so nobody else can see my data. But if the key is cached on your servers so restores can be created, and my restore files are unencrypted zip files, then all the same people who could see my files on your servers can see them in the restore area. What additional security does the encryption key give me?

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If someone were to discover your Acronis website password, they still would need to guess your specific backup password.
From within in your own domain, if you wanted to be sure no unauthorized person could access information on you backed up data.

It may be unlikely an organization is specifically interested in locating your backed up data. The idea of a "security authorization" at home may be a moot point.