Cloud SQL handles much of database operations for you, but you choose the protection features. Automated backups run daily in a backup window you choose and are kept for a configurable number of days; you can also take on-demand backups before risky changes. Point-in-time recovery uses transaction logs (binary logs for MySQL, write-ahead logs for PostgreSQL) so you can restore to a specific moment, for example just before a bad DELETE. Restores go to a new or existing instance; they aren't instant failover.
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