1. A method comprising: identifying, by a computing device, an existing failover target from a plurality of failover targets for backing up an updated object; determining, by the computing device, when the identified existing failover target is eligible for backing up the updated object; dynamically identifying, by the computing device, one or more new failover targets from the plurality of failover targets based on a plurality of storage parameters, a type and size of the updated object, and satisfaction of a threshold number of the plurality of storage parameters which is automatically set based on the type, size and content of the updated object when the identified existing failover target is determined not to be eligible for backing up the updated object; and backing up, by the computing device, the updated object in one of the dynamically identified one or more failover targets.