On recent PVE versions, you can enable encryption on your Cloud-pbs storage.
This means that each backup chunk processed on your server is encrypted on your serveur, sent to the Cloud-pbs instance, then saved on the Cloud-pbs storage.
During the encryption setup process the wizard will asks you to save your key somewhere safe. This is very important, no one should have an access to it !
You can save it to a password manager or write it down to a paper and keep it in a safe box.
Once your storage is configured on your Proxmox VE server :
On the Edit box :
The next form show you how to deal with the generated key.
Done, your backups will be encrypted but do not forget : you will need the encryption key to restore your backups.