Just wanted to let you know that the VSSTester script has now been updated to version 1.2. The main feature in this version is that the script now supports Exchange 2016 servers.
To read more about previous update see this, or for much more comprehensive information about the script, see the original blog post here.
One size does NOT fit all and saying backup is wrong is way too simplistic.
Like MG stated, there is no one-size fits all solution with Exchange.
While lagged copies can protect from short term issues and in-place hold can retain data for a specified period. The issues are then with storage capacity for Exchange and whether the organizational compliance requirements allow for that to replace backups.
For organizations without Exchange storage concerns or compliance restrictions, such as requirements to store data off-site, offline or in a WORM format the in-place hold or lagged copies can work well. Organizations with those restrictions unfortunately have little recourse than using a backup solution.
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