If you cannot afford the probability of such data loss you should invest in a database setup that replicates to another hosting provider or availability zone. But these things do come with a price tag.
When performing risk management, the risk of something going wrong is the likelihood times the impact. If you want to decrease the risk, you can either decrease the likelihood of the disaster, or the impact.
Having more frequent backups is a measure that decreases the impact. You could also consider decreasing the likelihood - for instance by getting more reliable hosting.
In the past 10 years of hosting many, many Discourse forums with Communiteq we have never had an case where we wished we would have had more frequent backups.