A system and method are disclosed for providing efficient data storage. A plurality of data segments is received in a data stream. The system preliminarily checks in a memory having a relatively low latency whether one of the plurality of data segments may have been stored previously in a data segment repository. The memory having the relatively low latency stores data segment information. In the event that the preliminary check determines that one of the plurality of data segments may have been stored in the data segment repository, a memory having a relatively higher latency is checked to determine whether the data segment has been stored previously in the data segment repository.