Fantastic question! We cannot stress the importance of a reliable and automatic backup enough! WAM's Cloud Backup service is automatic, will do all of your important files (not just WAM), and we regularly monitor your backups for you to ensure they are successful.
If you want to manage your own backup solution, that's fine, but please ensure it is thorough, offsite, working regularly, and there are failsafes in place.
Regarding which files to back up; any file on your network/server shared drive(s) that starts with "WAM". Common folder names would be WAM.32, WAM.EZ, WAM.L2, WAM-IN, WAM-EX, WAMBKUP, etc. Feel free to contact Tech Support to double-check that all of the correct folders and files are being backed up.