What that really means is a hybrid cloud and on-premises offering managed through the web. A "full set" of Network Attached Storage (NAS) is installed on-site, as is as a CTERA cloud storage gateway, for faster on-site recovery. For the cloud storage portion (and thus redundancy), the companies tapped Amazon Web Services.
Whether in the cloud or on-premesis, data is stored using 256-bit AES encryption. The keys are private and managed by the credit union.
There are more than 7,000 credit unions in the U.S. alone, held to the same strict data protection policies as larger retail banks, so the market opportunity is there. With many credit unions still employing a tape backup-plus-offsite storage strategy, there's money to be saved, too.