The Financial Industry Regulatory Authority recently announced fines totaling $700,000 for investment bank Piper Jaffray after it found that the company failed to retain more than 4 million emails from November 2002 through December 2008. Piper Jaffray did not admit to or deny the allegations, however, it will pay the fine, a company spokesman said.

The fines also stand as punishment for the firm's failure to inform of FINRA of any issues with email retention that they experienced and the likelihood that they did not comply with other regulatory organizations' standards due to the retention issues.

"Piper Jaffray failed to disclose that it was not making complete production of its emails due to intermittent problems with its systems - potentially preventing production of crucial evidence of improper conduct by the firm and its employees," James Shorris, FINRA executive vice president and acting director of enforcement, said.

ABI Research recently reported that the use of online backup in the United States will result in revenue of $372 million by 2015 from its benchmark of $75 million in 2009. The study found that the use of cloud storage on peoples' home computers led to recommendations for online backup at their place of work.ADNFCR-2553-ID-19808799-ADNFCR