Copyright law (17 USC 117) specifically allows this:
it is not an infringement for the owner of a copy of a computer
program to make or authorize the making of another copy or adaptation
of that computer program
if you are the owner of a copy of the computer program, provided:
(2) that such new copy or adaptation is for archival purposes only and
that all archival copies are destroyed in the event that continued
possession of the computer program should cease to be rightful.
There seems to be a bit of a meme out there that you can make only one backup copy (here, here, here) but the plain language of the statute does not support that interpretation, and "all archival copies are destroyed in the event..." would be incomprehensible if you were only allowed to make a single backup.
Only software enjoys this additional permission to archive. The distinction between "program" and "data" is not entirely clear, but the definition of computer program ...
a set of statements or instructions to be used directly or indirectly
in a computer in order to bring about a certain result
can be reasonably interpreted to include datafiles that are read in order to make sounds or display images. (See the US Copyright office FAQ regarding non-program materials and backups).