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Example Backup Strategy and Devices

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Volume of Data The size of most databases we see these days is under 500 MB, although some are 3 or 4 GB.

A rule of thumb is that many backups are far more valuable than the cost of the backup device. A 1Tb SSD backup disk is worth the investment - consider it insurance.

Performance A snapshot of the database should be done at least once a day, if not more often.

Alternatives

Streaming Replication This involves a second database server computer to have a live-hot backup of the database. This is highly recommended for active sites that need to minimize downtime or service outages.
Replication is a feature of postgres and is automatically set up for cloud venues. Self service venues may set this up if they wish - the support team is unable to help you.
Removable Media Examples are USB, FireWire, or Thunderbolt external drives which are useful for offsite rotation. Simply copy the database from the backup directory to the removable device and take it with you.
Automated Transfer

Examples are FTP, cloud-based backup, Dropbox, or other services. These can be set up to automate the process of saving an offsite copy of the database.