A backup engine of a first storage system receives a request to perform a backup session from the first storage system to a second storage system based on a backup service level objective (SLO) that has been configured for the backup session. In response to the request, it is determined that a first backup resource allocated for the backup session by the first storage system cannot satisfy the SLO based on statistics of prior backup sessions in view of characteristics of the backup session to be performed. A dynamic resource allocation (DRA) module is to dynamically perform a first DRA to modify the first backup resource to satisfy the SLO. The backup engine then initiates the backup session by transmitting backup data from the first storage system to the second storage system using the modified first backup resource.