Why your financial services firm needs Office 365 backup
- 10th June 2020
- Posted by: Mark Dodds
- Category: Business, Financial Services, Office 365, Security, Technology
Microsoft Office 365 is an essential piece of kit for many financial services firms thanks to its excellent tools for document-creation, sharing, collaboration, and more. However, what the software cannot offer is any kind of comprehensive data backup plan. Financial firms who invest in Office 365 are expected to back up their own data as Microsoft’s priority is managing and maintaining its Office 365 infrastructure in a way that works for its many clients.
In this way, the only protection that Microsoft offers its clients is against hardware or site failures, meaning that you should seek to backup your 365 data in other places. If you’re yet to be convinced, we’ve collated a few more important arguments for backing up your data below.
Although Microsoft backs up some of its clients’ data, it does not protect absolutely everything. For example, their retention policies are not robust enough to handle the corruption of an entire IT system by malware. In this way, it may be worth investing in a restoration solution separate from Microsoft that will allow you to return to a point in time in your system’s history if any issues arise.
Accidental data deletion
Data is accidentally deleted much more often than you might imagine within companies, particularly if staff turnover is high and accounts with important data stored on them are deleted on a regular basis. Indeed, an active licence for Office 365 is needed to access data created by a given user, meaning deleted content may be permanently lost.
Legislation such as the General Data Protection Regulation (GDPR) requires companies to possess all sorts of comprehensive data records for a number of years. This is particularly true for firms operating with the finance, healthcare, and legal sectors. Microsoft 365 is simply unable to offer robust enough protection to keep up with these stringent laws, so some kind of backup is necessary.
Ransomware attacks are become increasingly common and have the potential to cause disastrous losses of data. Cybercriminals who carry out such attacks usually hold company data hostage until a ransom is paid, sometimes deleting it entirely if their demands are not met. The only solution to this kind of threat is by holding a complete archive of data separate from the Microsoft infrastructure.
Back up your data today
As you can see, then, backing up data is very important, especially when you’re regulated by the FCA. As well as protecting you from financial woes, it will lend a certain peace of mind that Microsoft alone cannot provide.
We’re Office 365 specialists and all our clients benefit from a multi-layered security approach for their Office 365 including backup, email forwarding alerts, location monitoring, spoofing protection and admin user monitoring all as standard.
Does your current IT provider take your Office 365 security as seriously as this?
If not, we can help seriously enhance your Office 365 security and give you the peace of mind your business needs. Contact us today