Banking Royal Commission

[lsemmens]

It just occurred to me that, if the C/wealth bank lost details of 20 million customers, did they also lose the mortgage documents of them, too? Maybe people are paying for mortgages that the bank no longer has.......

[enf]

It just occurred to me that, if the C/wealth bank lost details of 20 million customers, did they also lose the mortgage documents of them, too? Maybe people are paying for mortgages that the bank no longer has.......

AFAIK it was a leak, they didn't actually "lose" them......

Besides, banks like all large corporations and government departments have extensive backup and retrieval systems in place.

[Uncle Fester]

They lost tapes containing this data.
The data is not lost. Tapes are incredibly slow to access this data and are only used as backup as a last resort. Actually astonished that they are still in use.
All your data is on hundreds of hard drives on mainframe servers with plenty of redundancy.

The question is, who might have access to this data if the tapes were not destroyed and what was REALLY on them. Any statements from banks can be lies to cover their arses, for all we know.

[Thala Dan]

They lost tapes containing this data.
The data is not lost. Tapes are incredibly slow to access this data and are only used as backup as a last resort. Actually astonished that they are still in use.
All your data is on hundreds of hard drives on mainframe servers with plenty of redundancy.

The question is, who might have access to this data if the tapes were not destroyed and what was REALLY on them. Any statements from banks can be lies to cover their arses, for all we know.

It seems that there are some that would take issue with that:

Magnetic tapes are a common offsite storage medium.

No … nothing backwards there, dude… *NOTHING* beats tape storage! $/GB in tape is just as low as you can go! And you can offline it. And you can offsite it and get it back when you need it!
Once the media has reached it’s usage limit – shred it and you’re done.

Storing on the cloud is expensive, try retrieving all that data, how much does that cost? Tape will be around for a while yet, if the cloud goes down, tape is the quickest way to restore data

Leave tape alone .. tape is the cheapest storage media – best $/GB ratio across all – it has proven processes for writing and retrieval, well written (!) standard software for it.

As for ‘who still uses tapes’ for archival storage you get ~15TB compressed on a current gen LTO7 tape. They are light, and much more resistant to damage than physical drives. day to day stuff goes to disc, but even if you have deep cloud archival storage, tape is a cheap way to deal with your offsite 7 year retention reqs.

[Uncle Fester]

LOL, at those reader comments.

I had a bit of a read on Wiki, some data centres still hold onto them but also use disk drives for cold storage(offline/offsite) as well:


Maybe those commenter who quoted – best $/GB ratio across all – are not aware that the 'tape recorder' costs $37,000 !!! ...while your average 4TB Harddrive costs $200 these day.

But don't get me wrong, I love my tapes. However only the analogue ones. I have reel to reel audio recordings from the 1960's that play fine.

It are the Digital Audio Tapes DAT that I hate. All the recordings I did in the 1990's are rot! Some were master tapes and this was the higest quality material from Sony at that time.
A slight dropout on Digital tape ---> total data loss.
A bit like digital TV, signal just a bit too weak ---> no sound and no picture.

No doubt those data centres use a more robust system, but it will never be a long term super storage medium that *NOTHING* beats.

SSDs will probably be one day be the bees knees for long term storage as long as you can keep them away from cosmic radiation

[enf]

Heaps of people use them....lots of storage, little space and easy to transport. It's not like they are often needed if at all. Day to day transaction logging would be on speed media, as would later archives that the logs would be applied to for restoration

Oh, these are the type of thing, not old 2400' reel to reel....

[trash]

Malcolm Turnbull speaking to the banks: "I want you to go away and think about what you've done wrong."
_{So you don't get caught next time}

[Thala Dan]

LOL, at those reader comments.

I had a bit of a read on Wiki, some data centres still hold onto them but also use disk drives for cold storage(offline/offsite) as well:


Maybe those commenter who quoted – best $/GB ratio across all – are not aware that the 'tape recorder' costs $37,000 !!! ...while your average 4TB Harddrive costs $200 these day.

Most of those commenters quoted would be well aware of the cost of the tape units, as the majority of them work in the field.

As regards costs..........it is unlikely that an upfront cost of US$37k would be a problem to a data storage company providing long-term secure data storage to multinational mega-billion dollar companies. Considering the long-term nature and increasing volume of data storage, there is ample opportunity to amortise initial capital costs.

Given the rate at which data accumulation and storage is increasing, and the long time periods over which the data must be stored, initial capital costs pale into insignificance compared to recurring storage media costs, in addition to considerations such as data density, flexibility, security, durability, ongoing power consumption, and portability.

That is not to say that SSD and the like won't continue to make inroads into the field.......but tape is still very much alive and well at the moment.

THE COST OF DATA STORAGE AND MANAGEMENT: WHERE IS IT HEADED IN 2016?

Among this unstructured data are large volumes that are near the end of their life cycle and are infrequently accessed by the end user. This data can and should be archived. Although disk is a more expensive option than tape, it has taken the place of tape as a mainstay in most organizations’ backup and disaster-recovery strategies because of requirements for faster and more-immediate access to data copies. The use of tape storage has shifted to an equally important function in the archive space and, therefore, still plays a critical role in most organizations’ overall data-management strategy.

[Thala Dan]

Malcolm Turnbull speaking to the banks: "I want you to go away and think about what you've done wrong."
_{So you don't get caught next time}

Thrashed with a wet lettuce leaf and sent to the naughty corner by the Member for Goldman Sachs.

Contrition as a substitute for incarceration.

Is it any wonder that the bastards are smug and arrogant, and consider themselves above the law?

[enf]

Thrashed with a wet lettuce leaf and sent to the naughty corner by the Member for Goldman Sachs.

Contrition as a substitute for incarceration.

Is it any wonder that the bastards are smug and arrogant, and consider themselves above the law?

Concur completely....what an embarrassing comment from the wet fish PM..... there will be plenty of similar useless comments from his successor as well I expect....sadly...

[lsemmens]

My comment was rather tongue in cheek........

[enf]

Had to look at the date on the calendar after reading THIS one.......

[lsemmens]

Deck chairs.....Titanic.......Can't wait to hear that the CBA has appointed a former AMP exec.........