Ask writer Dennis Cooper and you'll find that the answer is Yes.

Cooper had hosted his blog on Blogger.com since 2002, only to find on June 28 that his 14 years of work had been deleted by site owner Google, with no explanation. Making matters worse, they also deleted his Gmail account.

We all know we need to keep our websites backed up, but let's be honest: how many of you actually follow through and keep a current backup?  And I don't mean just files; you need to backup your database also.  Good intentions don't count when your site has been hacked or your server explodes.  We can take the pain out of backing up your site, but you need to set it up now - not after your data has been lost.