On your Remote Storage Settings page, choose Microsoft OneDrive Backup.
It will ask you to sign into – and confirm the password – of your Microsoft account you want to use for the backup.
As a security measure Microsoft will ask you to permit the access. Yes.
Point it to a properpath in OneDrive so you later know exactly where to find the backup. It uses your domain name by default.
And you’re done with the setup. The Remote Storage Settings page will now also show OneDrive as “Ready for use”. 🙂