The Importance of Off-Site Backups for Financial Institutions

Cloud Storage

For financial institutions, business continuity planning involves more than making sure there are enough desks and computers for all of your employees; it also involves developing a process of getting your company's data on those computers so your employees can get back to work.

It's important that your business can continue to serve clients, provide uninterrupted service and generally reassure clients and employees alike. Finding an off-site backup provider should be just as high a priority for managers as finding contracted recovery sites or mobile recovery centers for staff to work out of after a disruption. Keep in mind the following when selecting a backup provider.

On-Site vs. Off-Site Backups


Having an on-site backup of your data allows you to quickly access critical files after a computer crash or a hard drive failure, but if your office goes up in smoke, your backups will be caught in the flames. A more complete backup solution includes an automatic off-site backup component where your data is uploaded to a secure drive in the cloud. Regular off-site cloud backups keep your data safe from local disasters, helping you maintain data continuity even if your physical building gets destroyed.

Security


Your company's data is important, and industrial espionage is a real concern to many executives. Find a vendor that offers end-to-end encryption and physical security at the data center where your information is stored. Check that the vendor is compliant with the stringent standards of the financial industry, including those from the FFIEC, FDIC, NCUA and the Gramm-Leach-Bliley Act.

Testing


Some industries, especially in the financial field, must comply with strict disaster recovery guidelines that require regular testing, including the recovery of backup data. Your cloud backup provider needs to have a structured approach to testing that meets compliance requirements and minimizes staff disruptions. Even if your industry doesn't have testing requirements, we encourage all our clients to test before a real disaster hits, because it helps them identify gaps in their plans.


Keeping a daily or weekly backup of your company's important data off-site might sound like a hassle, but it only takes one instance of data loss to sink your business. Don't wait until after a disaster to start worrying about your company's data. Start looking for a data backup solution that fits your needs now.