With rapid digitization of the banking and financial industries, a huge amount of transactional data in digital form is being generated, much of which is in the form of email messages that form part of the digital exchange of information to carry out such transactions.
Banks (BFSI), by regulation, are required to maintain email archives for ediscovery and compliance. One such example, is the regulation by SEBI, requiring Indian Banks to retain all important business documents for 5 years in company systems and thereafter archive it for another 3 years.
Mahanagar Co-Operative Bank (a large Indian co-operative bank) were up to their ears in email data. In order to remain compliant, they backed up their older email onto a new USB every week. Storing these countless USB drives in the local facility was putting the bank at a greater risk of data loss.
In this webinar we spoke about:
- Why backup is not the same as archival and understand the 3 key business uses of archiving email
- The best practices, how to’s and key criteria while choosing and deploying an email archiving solution for your organisation
- How email archiving and ediscovery can help with business intelligence, supervision, improving quality of communication, and more
- Mahanagar Co-Operative Bank’s story of moving their email storage to the cloud
- Amazon speak on how cloud solves challenges of an in-premise infrastructure
- Q and A Session
Questions asked during the webinar
What is the difference between S3 and Glacier?
The S3 service provides object storage and lets customers store and retrieve data as often as they wish. On the other hand, Glacier provides a data archival service. Data stored in Glacier (as an archive) can be retrieved by placing a request, and standard retrieval requests are completed typically within 3 to 5 hours (“expedited retrieval” within 1 to 5 minutes is also supported). Glacier provides the same durability guarantees as S3.
In general, it is observed that data has a “temperature” in the sense that data can be considered “hot”, “warm”, or “cold” in terms of the need to access data since the time that it is first generated. For e.g., a monthly account statement generated for a customer is accessed most often in the days after it is first generated. Subsequently it may be accessed less often, but the provider may be required to retain the statement to comply with regulation for a further duration (say, 3 years).
To support a “lifecycle” for data, S3 supports storage classes that include S3 Standard, S3 Infrequent Access, and Glacier and lifecycle configurations. Customers can associate a lifecycle configuration with objects in S3 such that objects stored are automatically graduated to the desired storage class at intervals (such as “move the object to S3 Infrequent Access after 30 days, archive to Glacier after 180 days, and delete objects after 3 years”)
What is True SaaS?Vaultastic offered as a SaaS is a shared, multi tenant platform hosting multiple customer domains and their email archive data. Each customer’s data and configuration is virtually separate from the other customer’s information. Learn more here.