So, what's this now? (Rhetorical). Anything that is usually online is not safe because it can easily be breached. Just one mistake, and those hackers will gain access to the security that can make them steal a whole lot of money, like they have done from LastPass. Ledger Hardware Wallet tried to introduce the cloud storage of private keys, but after receiving some criticism, they did not further the plans again. But according to what I read on Cointelegraph, they (ledger hardware) were supposed to roll out a cloud-based private key recovery tool this month, which I don't intend to use that wallet due to their crazy idea. Who knows if they will also get back one day because of that new invention?

The safest way to secure an asset is to keep every bit of their secret information offline. Create your Bitcoin address and generate your private key or secret phrase on an AirGap device, and let it only be your cold storage wallet.