Is it a bad idea to run more than one plugin that offers simialar seciruty features.
I'm planning to use wordfence for security and jetpack for backups. But i see jetpack offers security features as well.
Am I ok to run both?
In my opinion, no: using two plugins that cover the same features is a bad idea. Why? It is very likely that both plugins use the same hooks and filters and so on and will result in conflicts (e.g. .htaccess etc.).
JetPack is too overloaded with useless stuff, though it is a high temptation to use it, because it has tons of features (it's like paradise)...
and JetPack itself can contain security flaws.
We have Premium WordFence Firewall for 16 sites in our company - and I can say, it is worth it.
Instead of spending time with JetPack, focus on your needs and find the right plugin and maybe consider going pro with WF (no I don't get any refunds writing this..)