It could have two meanings.
In IT terms you are 'online' when you are connected to the Internet. Therefore an 'online data backup' is a backup (a copying of files) from your local PC's hard disk to some disk space provided for you somewhere else (ie remote from you) on the Internet.To be a backup you must also be able to retrieve these files form the internet should you need to do so in the future.
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I do not no