Off-site back responsibilities for banks and other financial institutions

50 pts.
Tags:
Disaster Recovery
With all respect to disaster recovery, does anyone know if it is mandatory for financial institutions who accept public funds to keep copies of important customer files off site?

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THE INSTTUTION REFERRED TO ABOVE IS A LICENSED SECURITY DEALER AUTHORIZED BY THE GOVERNMENT TO DEAL IN GOVERNMENT BONDS AND OTHER INVESTMENT GRADE INSTRUMENTS. AFTER IT BECAME INSOLVENT THEY ADVISED THE AUTHORITIES THAT THE COMPUTER FILES WERE INADVERTENTLY LOST AND THERE WERE NO BACK UP FILES WHATSOEVER.


I USED TO BE IN THE FINANCIAL INDUSTRY AND BACK THEN IT WAS NORMAL FOR ALL OF US TO MAINTAIN IN-HOUSE AND OFF- SITE BACK-UP, THE LATTER BEING NECESSARY IN THE EVENT OF A MAJOR CATASTROPHE. THE THINKING BEING THAT IT WAS UNLIKELY FOR TWO LOCATIONS TO BE DESTROYED AT ONCE.


RESULTING FROM THIS NO ONE NOW KNOWS EXACTLY HOW MUCH OF DEPOSITORS FUNDS WERE BEING HELD BY THE INSTITUTION. THIS IS MORE THAN GROSS DEGLIGENCE IN MY OPINION, BUT NOT EVEN THE LOCAL FINANCIAL SERVICES COMMISSION APPEARS DISTURBED BY THE FACT THAT AN INSTITUTION CHARGED WITH THE IMPORTANT FIDUCIARY RESPONSIBILITY OF BEING TRUSTEES FOR PUBLIC FUNDS IS NOW ABLE TO ACCOUNT FOR EVEN ONE RED CENT.


I WOULD APPRECIATE IF ANYONE CAN SAY WHETHER IT IS CUSTOMARY AND OR MANDATORY  FOR OFF-SITE BACK OR ANY BACK UP OF FILES FOR FINANCIAL INSTITUTIONS. I AM TALKING ABOUT FOUR BILLION JAMAICAN DOLLARS OR ABOUT FORTY MILLION U.S DOLLARS WHICH IS FELT TO BE LOST BUT THIS FIGURE MAY BE FAR MORE AS IT IS BASED ON CUSTOMERS WHO HAVE SO FAR COME FORWARD WITH POSITIVE PROOF OF DEPOSITS WITH THE BANK.

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  • ToddN2000

    What kind of customer files are we talking about? Account info like balances and loan information? Or are we talking personal customer info like SSN, DOB... I think they all should but not sure if it's mandatory. It may also come down to another factor is the financial institution privately or public held. If the files are stored off-site there may be mandatory requirements and security issues as to how and when these can be accessed.

    In my opinion this allows for a secondary level of a data breach. Maybe it's just me but a major bank in my area lost some back up tapes that were heading to off-site storage.

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  • TomLiotta
    Most importantly, what legal jurisdiction did the bank operate under? What "government" chartered it? Was it federal/national or state/local? -- Tom
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