Everything created by human beings and has hitherto survived can be defined as the cultural record. It consists of scientific, artistic, archeological, and technological works that contain explicit and implicit information. Memory institutions such as libraries, archives, and museums preserve the cultural record and transfer it from generation to generation. This paper presents the major problems faced by the memory institutions in preserving the digital cultural record along with their responsibilities concerning the classified, temporarily inaccessible records as well as records that contain false or fake content. Emphasizing the fact that the future of the past will also be preserved in digital format, it discusses major challenges of long-term and persistent preservation of the digital cultural record.