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.
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:
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:
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:
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:
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.