Earlier quoted context omitted.
And what if the backup you're copying to cold storage is also encrypted? How did the saying go? You don't have backups until you've successfully restored from them or something like that. =) Basically any 3-2-1 system is Schrödinger's backup until you've actually used it.
So you only have 1 backup that you daily overwrite?
A backup isn't real until you've restored from it. That's why you should restore from backups regularly. Firstly so that you know the process and see it actually works and secondly you can confirm you're actually backing up what you think you are backing up.
We've all set backup scripts and forgot to include new directories or files in the configuration as time went on... =)