Question

What does systematic and comprehensive mean in regard to backups in finance ? Discuss in 80–100 words.

Answer 1

systematic and comprehensive backups in finance is one of the most important activity of th business.

With threats of data loss increasing in both numbers and severity, it is no surprise that data security is on everyone’s mind within the financial and investment industry. Regulatory agencies and investors now expect businesses to have backup solutions and comprehensive record-keeping practices. Understanding the need and importance of implementing a backup solution can add instrumental value to the business.

Backups should be an integrated part of not only the IT department, but of the overall business strategy. If all of your data is held within one environment, or if there was a breach of security by natural disaster, fraud, or software/hardware malfunction, not only is your data lost, but also your backup. Both DR and backups are vital to ensure continuous business. DR allows the rapid recovery of IT operations while cloud backups provide another layer of protection by leveraging a third-party vendor to secure your data in an alternative location. The importance of protecting this data is interconnected to the importance of the overall operations of the business.