By Susan Dixon, Marketing Director, Savenet Solutions
February 27, 2013

SaveNet Online Data Backup Expert Tips: Securities & Exchange Commission Compliance & Online Backup

There are many reasons to backup and secure your data one of the most important is that it is often a requirement of regulation. This is the first in a series of posts about various regulatory requirements placed on enterprise and how an IT department should think about them from a compliance perspective.
As can be seen below brokers and dealers in securities have a requirement to have online backup and disaster recovery for their data.

Securities and Exchange Commission (SEC) 17-a 3,4
The U.S. Securities and Exchange Commission (frequently abbreviated SEC) is the federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States.

In combination, Rules 17a-3 and 17a-4 require broker-dealers to create, and preserve in an easily accessible manner, a comprehensive record of each securities transaction they effect and of their securities business in general. Rule 17a-4 defines that term as “any digital storage medium or system.” Paragraph (f)(2)(ii)(A) of Rule 17a-4 requires that the electronic storage media preserve the records exclusively in a non-rewriteable and non-erasable format.

It also specifies the required retention periods for these records. For example, many of the records, including communications that relate to the broker-dealer’s business as such, must be retained for three years; certain other records must be retained for longer periods.

IT Compliance and SEC 17-a 3,4
Making sure your IT department supports this compliance with SEC rules is vital. Here is a bulleted list of the basic requirements of SEC compliance:

  • Make data backups
  • Ensure Data is encrypted
  • Data must be retained and retrievable for the required period

Online Backup and SEC Compliance
Traditional backup methods can fail to comply over time with the legal requirements. Maintaining accurate records, ensuring adequate encryption levels and ensuring that data is retrievable can be difficult with older methods.

SaveNet Solutions, powered by Asigra, is an Irish cloud backup and disaster recovery company. SaveNet’s solution is specifically designed for Mid-sized to Enterprise organizations. SaveNet offers numerous value-added solutions, coupled with industry leading features, such as: – agentless technology, FIPS 140-2 certification, deduplication, and more.

If you want to talk to someone about online backup and regulatory compliance then get in touch today.

About the Author: Susan Dixon is a Marketing Director at SaveNet Solutions, an Asigra powered cloud online data backup and disaster recovery company headquartered in Dublin, Ireland.


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