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