Set up backup policy to prevent data loss
Setting up data backup, recovery and retention policies is the only way to prevent disaster from happening and safeguard your business continuity.

Besides, governments have started imposing regulations to ensure safe data retention in businesses so as to protect public interest. Although your industry may not be affected at the moment, it is wise to do it earlier.
Here are some of the regulations:

United States:

Sarbanes-Oxley Act (SOA)

Health Insurance Portability and Accountability Act (HIPAA)

Gramm-Leach-Bliley Act (GLBA)

United Kingdom:

The Turnbull Guidance 1999

The Companies Act 2004

UK Data Protection Act

Europe:

EU Data Protection Directive (EU DPD)

EC Privacy and Electronic Communication Regulations (EC Directive) – 2003

Canada:

Personal Information Protection and Electronic Document Act (PIPEDA) – Canada

Japan:

Japan Personal Information Protection Act 2003 (PIP)

Conventional backup methods (eg: tape) are not good enough

High failure rates during restoration

Critical backup failures will not be detected until at the time of restoration

Slow read / write speed

High cost of maintenance and licensing is prohibitive

Data is not encrypted

Fixed capacity per unit makes backup job less flexible

Prone to physical and mechanical damages

Prone to be stolen or misplaced