1. A system that facilitates allocation of versions of backup information among a set of storage locations in a hybrid backup environment, the hybrid backup environment including both a cloud storage location of a cloud backup environment, and one or more peers of a peer-to-peer backup environment and one or more peer-to-peer storage locations of the peer-to-peer backup environment, comprising: a processor coupled to a memory that retains computer-executable instructions, the processor executes: a versioning component that generates a version of backup information upon detection of a modification to data on a client machine corresponding to the backup information; and a set of storage locations in the hybrid backup environment, the set of storage locations including both a cloud storage location of the cloud backup environment and one or more peer-to-peer storage locations of the peer to peer backup environment, and a distribution component that replicates the version of backup information among the set of storage locations in the hybrid backup environment in accordance with each of (1) a level of redundancy of the version of backup information in both the cloud storage location of the cloud backup environment and the one or more peer-to-peer storage locations of the peer-to-peer backup environment, and (2) storage capacity of both the cloud storage location of the cloud backup environment and the one or more peer-to-peer storage locations of the peer-to-peer backup environment wherein the distribution component replicates the version of backup information among both the cloud storage location of the cloud backup environment and the one or more peer-to-peer storage locations of the peer-to-peer backup environment of the hybrid backup environment, and wherein the cloud backup environment and the peer-to-peer backup environment are configured to communicate the backup information between each other, and wherein the cloud storage location of the cloud backup environment is remote from the one or more peers of the peer-to-peer backup environment and the one or more peer-to-peer storage locations of the peer-to-peer backup environment and the cloud storage location is accessible to the one or more peers of the peer-to-peer backup environment via a network.