Yes, there is Time Machine, Carbon Copy Cloner and SuperDuper!. All have their place and are terrific backup utilities, but it's also nice to see something new on the scene that adds a few tricks to your backup bag.
Get Backup, from Belight Software (on sale for US$9.95) is a Yosemite-ready utility that does automatic folder syncing, makes bootable backups, allows for encrypted backups, follows automated schedules and does data archiving for things like your iTunes Library, your documents folder, or your iPhoto Library.
Folder syncing is particularly nice and it's not available on most backup programs. Get Backup allows you to synchronize files and folders on your Mac with another computer or mounted drive using the sync features. Sync in one direction or update files in both locations using bidirectional synchronization.
A good example is my iTunes Library. I'm constantly adding files, and the Library is on an external drive. With Get Backup I can have that folder replicated to another drive on an automated schedule and keep my copy up to date.
Cloning is supported so you can copy one entire drive to another drive, and boot from the copy in an emergency. This is also a feature of Carbon Copy Cloner and SuperDuper!.
Get Backup also lets you encrypt via AES-128, AES-256, Blowfish, or Triple DES. You can back up to another hard drive, a network drive, or a CD or DVD disc.
I tried several of the backup features and found the program easy to use and foolproof. The user interface is pretty self-explanatory, and if you need more information there is built-in help. I didn't experience any glitches, although backing up to a network drive was pretty slow. It all depends on the speed of your network, and mine is not all that flashy.
If you'd like to try the software at no risk, there is a free version that is pretty basic. It allows full backups. versioned backups and one-way folder sync. The Pro version is much more versatile, and allows incremental backups. encrypted backups. restoring of selected files and folders, and two-way sync. I think the Pro version is the best way to go.
Almost all of the available backup programs use routines from the Unix core underlying OS X. The programs are simply a front end for executing those commands, but they are all a lot easier to use than entering terminal commands.
There is also a version of Get Backup at the Mac App Store, but due to Apple rules on what features utility software can have, it's not really full-featured. It lacks full cloned backups because Apple does not allow software sold in the Mac App Store to invoke administrative privileges. That being the case, I would opt for the full version from Belight.
All the backup applications mentioned are ready to use with OS X Yosemite. Check out all the features on the different apps before committing to one, and find out which works best for your particular situation.