OwnBackup cloud data backup and recovery platform raises $65 million

For a $3.35 billion valuation, OwnBackup, a platform that offers data backup and recovery services to cloud software providers, raised $65 million in a Series E fundraising round.

As a part of businesses’ efforts to undergo digital transformation, cloud spending is expected to keep rising, necessitating the creation of a reliable data backup and recovery strategy. It’s never a smart idea to rely solely on third-party infrastructure, especially in light of the OVH data centre disaster earlier this year. In addition, a recent cloud threat analysis from Oracle and KPMG discovered that three-quarters of firms had repeatedly encountered data breaches from cloud services.

At the application level, SaaS platforms like Salesforce typically offer system-level disaster recovery tools, however, this typically does not work at the individual account level, meaning customers cannot retrieve or recover individual data items specific on request. Numerous expenditures in data backup and recovery space have been made as a result of this circumstance. Some notable participants are backup-as-a-service platform Rewind, which raised $15 million earlier this year, and Druva, which recently received $147 million at a $2 billion valuation. And expanded backup and restore support for GitHub and Trello.

What makes a SaaS backup solution necessary?

Many businesses assume the Software protects their data as a Service (SaaS) provider. Thus, they don’t see the need for a backup strategy. Sadly, this is not the case. When adopting SaaS, data loss can happen; in fact, according to Gartner, by 2022, unrecoverable data loss in a SaaS application will likely cause business disruption for 70% of enterprises.

What is a SaaS application?

SaaS refers to an application that runs in the cloud of a provider (sometimes referred to as a SaaS provider) and offers its functionality to consumers as a service over the Internet. SaaS is a well-liked and more affordable substitute for buying and maintaining programmes for on-premises systems. Many businesses choose to use SaaS applications rather than downloading or installing programmes from CDs and executing them on a computer’s hard drive. The scalability of subscription-based Software is what will cause the SaaS industry to reach $151 billion by 2022, according to Gartner’s projection.

How is it possible for SaaS application data to be lost?

There are numerous potential causes for data loss when using SaaS applications.

Internal threats:

• Departing Employees: Accounts of departing employees may occasionally be closed. These accounts may also lose their data.

• Insider trading: Employee resentment can seriously damage data. A SaaS application lets a user alter or remove data without being aware of the person who actually made the decision to do so.

External threats:

• Cyber attacks: The numbers are mind-boggling. According to the IDC, 93% of businesses have suffered attacks in the last three years. In 2019, 51% of data breaches were due to criminal and hostile acts. Even an employee’s machine can be used to access SaaS services.

• Misaligned retention settings: The data retention policy of a SaaS provider might not be appropriate for the company employing the programme. If a SaaS provider maintains data for less time than seven years as required by compliance in regulated businesses, the data may be erased and lost forever.

Advantages of a SaaS backup solution

As secure as your backup is, so is your SaaS. With the correct backup solution, you can: Protect data and recover specific objects; Ensure company continuity and readiness; and Reduce costs associated with complying with laws and regulations.

Plan the migration to a different SaaS provider or internal system by ensuring that the data is genuine, original, and unaltered.

Do I need a SaaS backup solution?

Many people think that since the provider offers cloud SaaS backup of infrastructure and applications, there is no need for the user or organisation to undertake SaaS backup. While this is true, a lot of people are unaware that the vendor will use these backups to make sure they satisfy the SLAs for uptime and high availability set by their clients. The SaaS provider has backup procedures in place in the case of a significant outage to protect your data, systems, and apps, but not your data.

Google’s network infrastructure and applications are similarly developed for optimum uptime and reliability. Although Google promises that 99.9% of its Google Workspace products will be available, there is no assurance that your data will be secure. It just implies that the Software will remain accessible.

Last but not least, if your company chooses to switch service providers or buys/develops an application that runs on an on-premises system, the data linked with your SaaS application becomes crucial. You will require a copy of your data in these circumstances, including both recent and old data. Some suppliers give you the option to obtain a copy of their raw data, while others supply a database schema or some other data extraction method. Because they don’t want to make it simple for clients to discontinue using their service, some companies provide very little assistance.

Data aboutSaaS backup solution

Gartner estimates that 70% of enterprises would likely experience business disruption by 2022 as a result of irrecoverable data loss in a SaaS application.

According to Gartner, 70% of enterprises would likely face business interruptions by 2022 as a result of irrecoverable data loss in a SaaS application if they don’t back up their SaaS data using the 3-2-1 backup rule.