Backup for financial industry

Financial organizations operate at the vanguard of disaster recovery planning, being perhaps the industry most immediately affected by catastrophic events. They require, at the bare minimum, the capacity to immediately resume business operations and effectively administer client accounts in the event of disaster interruptions, while resuming other business-critical operations with minimal downtime. With almost no tolerance for business interruption, financial organizations face greater disaster recovery challenges relative to many other industries.

Additionally, protection of financial and personal customer information is a key responsibility and obligation of every financial company. Under the SEC's Regulation S-P, firms are required to have policies and procedures addressing the protection of customer information and records. This includes protecting against any anticipated threats or hazards to the security or integrity of customer records and information and against unauthorized access to or use of customer records or information.

Backup strategy

Often companies use tape backups or online backup services offered third-party companies on the Internet. These approaches often come with limitations and problems.

Problems with tape backups

Tape is unreliable, with failure rates as high as 20% to 50% for data recoveries. The biggest challenge with tape backup is often administrators don't know if they have a good backup that can be restored until they actually have to restore one, which is often too late.
Backup tapes remain vulnerable to physical damage or theft. Most of the time tapes are stored in the same room where the actual machine is physically located and has a potential of getting destroyed in case of a fire.
Tape backup is slow, labor-intensive and results in large backup windows, costing your firm productivity and profitability from the administrative overhead

Problems with online backup services

Privacy concerns
The biggest challenge with any online backup service is privacy. Since every online backup service store files to third party networks, there is always a possibility of unauthorized access to the confidential information you treasure. In fact, some backup service providers have no guarantee that stored data will be kept private. For example, from employees.

If you are concerned with privacy, the only way to be 100% sure is if your files never leave your network.
Most online backup services charge a monthly fee, which may depend upon the storage size and number of users accessing it. Although this cost is minimal in the beginning, it can significantly grow when you add more data.

It is also possible that a remote backup service provider could go out of business or be purchased, which may affect the accessibility of one's data or the cost to continue using the service.
Every backup service requires Internet access. Although this is not an issue during normal operations, you may not able to backup or restore files if the Internet is down or slow. Imagine restoring gigabytes of data over a slow Internet connection. It could take days before you can have access to every client file.

A better solution

Privacy concerns
Your backed up files stay in your network. No third party company will ever get involved in handling your files. For added security, you can even use encryption to prevent unauthorized access within your company.
Syncrify is a product, not a service. This means you pay once and use if forever. Since backups are done on your machine and network, there no usage cost - backup as much as you like without spending a single dime. It could be in terabytes and you still pay a small one-time fee. Check the pricing page for details.
Always available
Files stay within your network. You can certainly use the Internet to backup files between offices that are physically located in different areas. The bottom line is they stay available to your 24/7, whenever you need them.
Unattended backups
Once Syncrify is setup, backups occur automatically without any human interaction. You can run backups every night at a given time after they leave and network activity is at minimum. Users can optionally get emails confirming a successful job.

Using Syncrify

Follow the steps below to install Syncrify.
  • Designate a machine to hold backed up data, download and install Syncrify Server. We also recommend watching a video on this subject.
  • Using the server's web interface, create a new user.
  • Connect to the server's web interface from the client machine. This accomplishes two tasks: ensures the client can see the server and displays a download link to install client.
  • Download and install Syncrify client
  • User the server's URL in Syncrify client and the user you created earlier to make your first backup.
  • Optionally, watch a video to how the advanced features in Syncrify client.

Need help?

We understand installing client and servers is not your core business and you would rather spend time in solving your client's problems than tweaking around with a software product. When you use Syncrify, help is just a phone call away. Give us a call and we will help you install and configure Syncrify on your network.

If you or your institution wants to implement a more reliable backup and disaster recovery strategy while reducing costs, contact us today. Download Syncrify today and see how easy it is to implement and protect your most valued assets.


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