Many RIAs fail to backup SharePoint. Change that with these tips.

September 16th, 2021
Many RIAs fail to backup SharePoint. Change that with these tips.

Backing up SharePoint is a necessity to protect RIA firms from the risk of data loss. However, many RIAs don’t do regular or complete backups of their SharePoint files, which can be dangerous as RIAs deal with such highly sensitive financial and personal information. The reason SharePoint backups aren’t routinely done is because many people just assume it’s already being done — and we all know what happens when we simply assume.

If this is the case for your RIA practice, then you should look into backup tools that are easy to use and can be configured to automatically conduct backups so you don’t need to monitor them constantly.

Do RIAs need a third-party tool to back up SharePoint?

Many RIA practices use third-party tools to back up SharePoint, and while they are effective, they also bring in their share of problems. Some recurring complaints about certain third-party tools are lack of basic technical support, inadequate documentation, and the constant need to escalate seemingly minor problems to higher tier technical support.

Third-party backup tools are fine to use, but you can easily simplify your backups by using Microsoft tools, as these are part of your subscription and you can be assured of seamless integration and user-friendliness.

Related article: OneDrive and SharePoint for RIAs: Which one to use?

What other methods can RIAs use to back up SharePoint?

Your RIA can manually back up SharePoint files one by one. It’s a very simple process, although it can become time-consuming if you wish to back up a lot of files. You only need to perform the following steps:

  1. Open SharePoint Online in a web browser.
  2. Go to your files library and click on Documents.
  3. Select the files you wish to back up and click on Download.
  4. Your files will be downloaded onto your computer, and you can then move them to your preferred backup destination.

A better alternative is to keep your backups within the Microsoft 365 ecosystem via your Microsoft OneDrive sync client. Here’s how to do it:

  1. Open SharePoint Online in a web browser.
  2. Go to your files library and click on Documents.
  3. Click on Sync, then choose which OneDrive folder to save your backups.
  4. Click on Open Microsoft OneDrive.

Your RIAs can also use SharePoint’s built-in eDiscovery feature to back up files. This tool can help you retain critical business data for a period of time required by regulatory bodies, thus helping you meet compliance requirements. To access this function, you will need to have an existing Microsoft 365 Enterprise E3 or E5 plan. Setting up backups with the eDiscovery tool is as easy as doing the following:

  1. Log in to the Microsoft 365 admin center.
  2. Click on Admin Centers and then Security. You will then be redirected to the Security and Compliance page.
  3. Click on eDiscovery and select eDiscovery from the drop-down menu.
  4. Click on Create a Case to preserve or “hold” the user data.
  5. Enter the Case Name and Description of the file and click on Save.
  6. Click on Open and select the case you just created. This will redirect you to a settings tab for the case.
  7. Select Holds on the toolbar and click on Create.
  8. Enter the Hold name and description and click on Next.
  9. Click on Choose Sites. In the next window, select the site you wish to add and click on Choose and then Done.
  10. Click on Add Conditions to add filtering conditions like date, sender, size, subject, and so on. Click on Create This Hold to complete the process.

Your last option is to use the Microsoft 365 Compliance Center, specifically its Compliance Retention Policy setups and tools. Through this backup option, you should be able to retain all versions of your SharePoint data. Here’s what you should do:

  1. Go to http://compliance.microsoft.com/.
  2. Click on Policies and then Retention.
  3. Click on New Retention Policy.
  4. Type in your chosen name for your new policy and then click on Next.
  5. Choose your preferred retention settings and click on Next.
  6. Select which sites you’ll apply the retention policy to by clicking on Choose Sites. Click on Done and Next once through.
  7. Review your settings and then click on Create This Policy.

Better yet, leave your SharePoint backups to data management experts that specialize in the RIA industry. RIA WorkSpace is one of the most trusted IT solutions providers in the United States today. Contact us to learn more about our SharePoint backup solutions.