Businesses Embrace Data Retention Policies for Compliance and Cost Savings
Businesses are increasingly recognising the importance of implementing data retention policies. These policies help organizations manage their information effectively, reduce risks, and ensure compliance with various regulations.
A well-structured data retention policy outlines how long specific types of data will be retained, how it will be archived, and protocols for securely disposing of data no longer needed. Benefits include automated compliance, reduced risks, storage cost reduction, data relevance, and legal risk mitigation.
The creation process involves forming a policy creation team, determining legal and business data needs, establishing oversight mechanisms, reviewing processes, and deciding on software implementation. Steps to create an effective policy include identifying international legal requirements, specifying data types, exploring data archiving solutions, planning for legal holds, and drafting policy versions.
The concept of data retention policies emerged in the field of IT and telecommunications with the establishment of the Data Retention Directive by the European Union in 2006. This directive required member states to store traffic and location data for law enforcement purposes. Today, businesses must navigate a complex landscape of regulations, including SOX, HIPAA, GDPR, and CCPA, that dictate how they manage data.
With increasing data volume, organizations must establish clear guidelines for retaining, archiving, or disposing of sensitive information. Objectives of data retention policies include extracting value from data while ensuring privacy and security, meeting legal compliance standards, and managing data complexity. By implementing a robust data retention policy, organizations can prevent data overload, reduce costs, and ensure data relevance.
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