This fine was imposed because Barclays had stored insufficient information on orders, appointments and accounts between 2002 and 2012. In addition, no measures were taken to prevent information from being erased or edited.
The accusations of Barclay are remarkable, especially given the recent scandals in the banking world. For example, in the past, manipulations of interests rates and currency markets were already revealed on the basis of revealing messages from traders.
Data storage in the cloud not foolproof
The importance of safe and reliable data storage is more evident than ever after the revelations of whistleblower Edward Snowden. For example, the NSA had several secret espionage programmes in place that could tap major online databanks aimed at ensuring national security. Data storage in the cloud is thus not as foolproof as previously thought.
Secure data storage on tapes
The solution for secure and reliable data storage is data storage that is completely independent of any network. Data storage on tapes in a highly secure environment is guaranteed to be protected from unauthorised persons.
For over twenty years, BackupNed has been the number one specialist in secure backup tape storage for organisations across the world. The tapes are stored in a nuclear-safe bunker that is protected by high standards against fire, water pollution, burglary and even natural disasters.