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Businesses, Data Management, and Legal Implications
Businesses today possess a unique opportunity to leverage data in innovative ways. However, it is imperative that they assess the type of data they retain and how they utilize it to mitigate potential legal ramifications. Despite the advancements in generative AI, organizations have a duty to safeguard their data, particularly personal information, and strategically handle the deletion of outdated data that poses more risks than benefits.
Unstructured Data Surge and Data Security Challenges
Forrester forecasts a significant increase in unstructured data in 2024, partly fueled by AI technologies. Nonetheless, the evolving data landscape and the growing expenses associated with breaches and privacy violations necessitate a thorough examination of creating robust data retention and deletion strategies.
Explosive Growth in Data Volumes and Breach Costs
The surge in data volumes is accompanied by rising costs linked to data breaches and breaches of privacy. Malicious ransomware attackers are infiltrating sensitive databases like medical and government records, exemplified by incidents involving Australia’s courts, a Kentucky healthcare establishment, 23andMe, and major corporations such as Infosys, Boeing, and Okta. These breaches are not just growing in frequency but also in financial impact, with IBM citing an average breach cost of $4.45 million in 2023, marking a 15% increase from 2020.
The Imperative of Obsolete Data Removal
Why should organizations prioritize the removal of outdated data? Legal regulations mandate that personal data should only be retained as long as necessary, compelling firms to establish retention policies that align with diverse business sectors. Besides regulatory compliance, eliminating obsolete data can lead to reduced storage expenses.
Identification and Evaluation of Outdated Data
To discern which data can be classified as obsolete and which data remains operationally valuable, organizations should initiate a data mapping process. This mapping delineates data sources, varying data types, storage locations, and processing purposes. A meticulous data inventory and classification serve as the cornerstone of a robust privacy strategy and offer insights into how data traverses a company’s systems.
Tackling Obsolete Data: Decision-Making and Execution
When addressing obsolete data, enterprises must consider their legal obligations, retention schedules, and potential risk exposure. By automating the data deletion process through purge policies or opting for deidentification techniques, companies can efficiently manage obsolete data removal. However, the deidentification of data to protect privacy requires careful consideration to retain data value and comply with legal standards.
Avoiding Common Obsolete Data Management Pitfalls
Enterprises often falter by haphazardly approaching data deletion without comprehensive deliberation. It is critical to engage legal, privacy, cybersecurity, and business stakeholders in constructive dialogues to ascertain essential data retention needs and avoid inadvertent data loss. Prioritizing a strategic and informed approach to data retention ensures regulatory compliance and secures an organization’s digital assets effectively.
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