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My problem is that I have a server class machine with mission critical data sitting in a building and I have no data redundancy outside of the building. What's the cheapest solution to backup the data so that I don't lose everything if the building explodes, etc?

I was thinking a drive that resides on the network--does such a thing exist? I don't want to have to buy a new machine for backup.

Thanks!

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I was thinking a drive that resides on the network--does such a thing exist? I don't want to have to buy a new machine for backup

You mean a NAS?

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if you can install S/W on the server, I would like to suggest you to use Mozy. It worked out okay for me when they had a disaster. I am also using Cobian for other clients that do not require off the site back up solution.

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I'd recommend for a mission critical data an offsite backup over internet. Maybe used PC with Linux, SSH or OpenVPN (transfer data securely) and rsync (incremental backup- transfer just modified data).

You can put your data on external USB hard drive so it's portable (but depends how much data exactly do you need to backup).

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You could use a NAS and a freeware product like SyncBack to do evertything you need for very cheap.

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It's going to be difficult to provide a good answer without knowing more about your situation. Like the operating system that is in use? How much control do you have over the server? Can you install software? You could consider certain cloud services (like Amazon, JungleDisk) ...

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does such a thing exist?

Yes. What else would you like to know?

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Check out Jungledisk, you can get it for cheap and it backs up to the cloud. Amazingly enough, the Rackspace cloud option has NO transfer fees! It's also hands down the easiest I've worked with, it is multi-platform (Linux, Windows, & Mac) and can do straight backups or mount as a network drive.

I'm using it for home/private work, but they have a server option that looks very attractive, in fact we may be rolling it out here. It's not perfect, but I like it.

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You may want to investigate online backup services like Mozy or Carbonite. There are also the more industrial grade services such as Iron Mountain and Sungard. By using a service, you avoid the complexity and risk of having another machine and site to manage and secure.

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