Hi,
I have an external USB HDD (Seagate one touch 4TB). I am a bit worried that one day it may fail and I may lose data.
In order to back it up, do I just need an identical HDD? Are there any better options? There used to be RAID massives some years ago where there would not be that x2 excessiveness with back ups (systems consisting of x3 and more HDDs), I do not think I could create RAID massive with external USB HDDs though?
No, it WILL fail, not it may fail. Plan for worst case scenario.
The 3-2-1 backup rule is something you should lookup and stick to if that data is considered valuable to you. The off-site disaster recovery part can be swapped for online cloud storage services if you wish and don't have privacy concerns.
In short, buy another 4TB drive for approx $99. Copy all the content over to the new one as a backup and have a look at online cloud storage options for another backup.
You don't really need to worry about RAID solutions at this point unless you want to delve into NAS/DAS devices. Probably unwarranted for only 4TB data though.