Is there any risk of data loss when encrypting a hard drive vs not encrypting it?

I have two external hard drives for all of my backups, which are currently unencrypted.

Would there be any more risk of data loss if I would encrypt them, like the encryption keys getting corrupted or damaged or the volume being unexpectly reformatted and wiped for example?

I would like to keep the backups and can't afford to lose the data but I would really feel safe when I know they are encrypted too

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