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Data Recovery — A Guide to Cloud Backup Solutions

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Shannon Flynn


Although the business landscape is becoming more data-driven than ever, it has its downsides. All types of companies must be aware of the ongoing risk of data loss. Data loss can occur due to cyberattacks, human error, or natural disasters, emphasizing the importance of backing up data.

What Is Data Recovery?

In enterprise IT, data recovery describes restoring lost, inaccessible, accidentally deleted, or corrupted data back to laptops, desktop computers, tablets, smartphones, or other digital devices. As its name suggests, the goal of data recovery is to recover data that is no longer accessible to employees so they can keep the business running as usual.

Most data loss occurs due to human error, but other events like natural disasters and cyberattacks can cause data loss. Something as simple as a power outage in the office can cause companies to lose their data.

Understanding Cloud Data Recovery

Cloud backup — also called online or remote backup — sends copies of virtual files to a second, off-premises location for storage purposes. In case a disaster or emergency happens, the files are safe, accessible, and managed by a third-party cloud provider at a secure site.

Typically, cloud providers charge their customers a fee based on their storage capacity, data transmission bandwidth, number of users on the system, and the number of times data in the cloud is accessed.

There are four types of cloud backup solutions organizations can choose from, including:

  • Public
  • Cloud-to-cloud
  • Hybrid
  • Managed

Each solution type has its pros and cons — only some will work for a given organization, depending on the industry it serves, the number of users it has, or how much data it works with. Luckily, there are dozens of cloud providers offering different solutions meant to fit your unique business needs.

The Importance of Backing up Data

At an enterprise level, it’s critical for IT teams, employees, and C-suite executives to understand the importance of backing up data. The risks associated with data loss should be enough to convince all businesses to back up their data, but that’s only sometimes the case. Many companies operate without backing up their data — while it might not cause any immediate issues, it can backfire if data loss occurs unexpectedly.

Data backups can save employees time and energy, as well as money for the organization since they protect against power outages, viruses and different types of cyberattacks, natural disasters, human errors, hardware or software failures, and other emergencies.

6 Examples of Data Backup and Recovery Strategies

In today’s digitally driven environment, organizations must have a comprehensive data backup and recovery strategy in place before any emergencies or disasters occur. If something does happen, businesses and their IT teams will be able to recover data more quickly and effectively.

1. Full Backup

As its name suggests, a full data backup involves storing complete copies of data on a cloud-based system or drive. This method sounds ideal on paper, but it uses massive amounts of storage, meaning organizations might spend a lot of money on these data solutions. These backups also take more time due to the volume of data being copied.

2. Mirror Backup

Like a full backup, mirror backups store a complete copy of data without compression, which takes up even more storage space. One of the reasons businesses use a mirror backup strategy is because it offers fast data recovery time in the case of data loss.

3. Differential Backup

A differential backup strategy involves backing up any new data or data that has changed since the last full backup. Unlike a full or mirror backup, a differential backup does not make a full copy of all data each time. Still, it only accounts for newly created, updated, or altered data.

4. Incremental Backup

Similar to differential backups, incremental backups will only back up files that have changed since the last backup. For example, suppose you back up data on a Friday at 5:00 p.m. On Monday at 9:00 a.m., you decide to back up data again. In that case, only changed data will be stored in the new backup.

5. Daily, Weekly and Monthly Backups

Daily, weekly and monthly backups are also called grandfather-father-son (GFS) backups. GFS is a common backup strategy because it groups these backups into more manageable chunks of time. In this strategy, daily backups are called “sons,” weekly backups are “fathers,” and monthly backups are “grandfathers.”

Companies should consider implementing an automated solution to schedule these backups without human intervention. This way, employees are not required to memorize the schedule, which can lead to human error and prevent backups from being up-to-date.

6. 3-2-1 Backups

A 3-2-1 backup is another standard data backup strategy that is relatively straightforward. It consists of these three concepts:

  • Three: There should be three backups of your organization’s data at all times.
  • Two: Two copies of your backup exist on at least two different media types, such as an external hard drive or server.
  • One: One copy of data is kept secure off-premises, such as in the cloud, at a data center, or in another office location.

The 3-2-1 strategy is highly regarded as a best practice in data management.

Other Tips for Enterprise Data Backup and Recovery

The ultimate goal with data backup and recovery is to prepare for the worst-case scenario. Instead of struggling to recover crucial data, planning for a potential security or emergency incident is a better strategy businesses should follow.

Form a Backup and Disaster Recovery Policy

If your company still needs an established data backup and recovery (BDR) policy, now is the time to create one. All employees within an organization play a role in data security, but the IT team is primarily responsible for backup and disaster recovery.

Clarify who should take on specific backup tasks and assign recovery duties to those best suited for the role. Managers should specify where backups should be stored and what steps to take if a disaster occurs. Figuring out all these specific details will make disaster recovery much easier in the future.

Consider Using Multiple Methods

Instead of relying on a single backup strategy, consider combining backup and recovery methods. For example, you can always practice the 3-2-1 backup technique but ask your IT department to do a complete data backup every once in a while.

This will ensure all your bases are covered in the event data is lost. Use all the tools and resources at your disposal to ensure you’re ready for a potential data snafu.

Prioritize Offsite Storage

It’s possible that your organization’s central system can become compromised, especially if a threat actor launches a phishing, ransomware, or distributed denial of service attack. Suppose your network goes down. How will you access data?

You’d be in the clear if you spent time before the attack prioritizing offsite storage. For example, you can store full or partial data backups outside your office’s network, allowing you to access your data remotely. At the same time, your IT department gets things back up and running.

Use Encryption

A critical component of good data management is security. With the cybersecurity landscape becoming more threatening, businesses need to use all the protective measures they can to reduce the likelihood of data breaches.

One way to add another layer of security for sensitive data is encryption. Data encryption involves converting plaintext — which is unencrypted — to cipher text. It makes it nearly impossible for threat actors to read sensitive data, as it can only be read using a decryption key.

Prioritize Data Backups and Recovery in the Cloud

The last thing any business wants is to lose critical information, especially if that information is sensitive in nature. It can lead to downtime, costing companies hundreds of thousands of dollars.

However, any organization is vulnerable to a potential cyberattack or disaster. Instead of taking a reactive approach to a disaster, be proactive and use the best data backup and recovery practices for your business. Your future self will thank you.

Featured Image Credit: Photo by Nataliya Vaitkevich; Pexels; Thank you!

Shannon Flynn

I work with ReHack Magazine and am an IT blogger and a native of technology tools and software. I have a track record of creating content that drives traffic. I’m always looking to learn new things.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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