Its encrypted and we dont have a key.

This allows Apple, and anyone who breaks into your account, to see your personal and confidential data.

Right now its all or nothing.

Apple Can Still Read Your End-to-End Encrypted iMessages

There is no clarity as to how many of those people actually use iCloud Backups.

Apples encryption offerings are still more than enough for many users.

iCloud Backup and turn off iCloud Backup.

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source: www.techworm.net