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Policy in AWS refers to a document defining permissions that apply to a user, group, or role; the permissions in turn determine what users can do in AWS. A policy typically allows access to specific actions and can optionally grant that the actions are allowed for specific resources like EC2 instances, Amazon S3 Buckets, and so on. Policies can also explicitly deny access.
Try N2WS Backup & Recovery today, free for 30 days —it only takes about 14 minutes to get up and running with your first automated policy