Without more of the ST, and a context limited to "Computers (general)", it is in my opinion impossible to decide how to read the phrase. Both interpretations ("redundant storage of data" and "storage of redundant data") are possible.
Examples of 1st interpretation:
- "A redundant data storage hardware can help decrease a system downtime by removing some of points of failure." (
http://www.learn.geekinterview.com/data-warehouse/data-types... This is certainly not a piece of hardware dedicated to storing redundant data!
- "Redundant data storage at separate data centre" (
http://www.1and1.co.uk/details-ftp-storage) Again, they're not building a data centre just for redundant data. They have redundant storage to make sure that data is available even when one data centre is offline.
Example of 2nd interpretation:
"The integration of such data in a single database object eliminates redundant data storage" (
http://help.sap.de/saphelp_crm700_ehp02/helpdata/en/a0/9f0e4... All such data is in a single place, there is no need to store it twice.