For almost every mortgage and protection broker their single most valuable asset (after their own knowledge and skills) is their client bank. The phrase “client bank” even conveys the fact that the clients are of real and essential value to the business.

In the past it was common place to have ones entire client bank contained in files and folders housed in numerous metal filing cabinets stored on the premises. However, over the last decade forward thinking firms have invested in back office software, also known as CRM or “Customer Relationship Management” software. Those brokers who use MortgageStream already know the huge benefits of utilising a dedicated mortgage brokers back office software. The data and documents contained within a CRM system is absolutely vital for the operation of the business and has to be protected and secured under “data protection” legislation.

In the last few years the cost of all types of data storage has reduced drastically to the point where it is possible to purchase a small device the size of an old personal CD player that can store millions of documents or tens of thousands of photos or videos or other data. Inexpensive storage is all well and good as long as the business owner has a robust, reliable procedure to ensure that daily back ups actually do occur.

What is needed in a busy brokerage is an automatic facility for backing up data that does not involve human involvement. I believe that the most reliable and secure of these methods is offsite incremental back up. The reason why offsite back up is so effective is in the nature of the back up i.e. “offsite”. The vital data for the business is automatically saved, encrypted and transported across the web to one or more remote servers every day with no human involvement after the initial 10 minute set up.

Whilst it is true that backing up to an external hard drive from within the office is perfectly effective, this is as long as this is done every single day, and that the hard drive is physically removed from the premises every day and rotated with a second hard drive to ensure total coverage in the event of a fire, flood, equipment theft or other disaster. Back up tapes can also provide a similar facility but are less popular these days with the event of alternative solutions.

The Financial Services Authority requires that brokers have a robust, reliable back up facility for securing client data and a proven disaster recovery strategy. Relying on good fortune and keeping fingers crossed is just not acceptable, ask anyone that has suffered a hard drive failure and loss of data. I can guarantee one thing; victims never let it happen to them twice! The pain of loosing data is so enormous that victims inevitably take action to prevent a reoccurrence, a classic “shutting the door after the horse has bolted” reaction. The smart business will learn from other firms misfortunes and protect their business immediately before disaster strikes them.

For more information and free advice on protecting your most valuable business asset, and how to get offsite back up set up for under £100 per year please call us on 0845 220 2202 option 1