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Importance of Data Retention
Fremont, CA: Businesses might use a data retention policy to secure, store, and retrieve data. Its handbook addresses data classification, compliance, and deletion best practises.
Many businesses now demand that their data be safeguarded, kept, and accessed as needed. Is this, however, the best method for these companies to keep their data? No, in the vast majority of situations. In the worst-case scenario? They don't even have a policy for employee retention.
Importance of data retention policy
A data retention (or records retention) policy aids in the organisation and management of data, ensuring that organization have the data the company need, that it is safe, and that company have adequate backups. Its strategy is also used to ensure that it is appropriately managed in accordance with industry standards and laws.
Organizations that do not have a data retention policy are more exposed to financial, operational, and legal consequences as a result of inadequate data management. In some ways, the data retention policy is an investment, since it will expand with their data estate, allowing business to become more efficient and secure.
Data retention best practices
- Identify and classify the data your organization holds
Knowing what types of data the company has and categorising that data are the first steps in implementing a solid data retention strategy. It might include PHI such as patient names, dates of birth, Social Security numbers, medical data and histories, or prescription information for healthcare businesses. It might include CHD, PINs, credit ratings, payment history, or loan information for financial services companies.
Because not all data requires the same level of preservation, classifying data is a recommended practise for data retention. Many frameworks and legal rules recognise this and provide explicit criteria that encourage companies to classify data.
- Know which legal requirements apply to you
In recent years, there has been a renewed focus on data privacy, which has resulted in an increase in new, complicated data privacy laws and regulations throughout the world, many of which involve data retention rules. Organizations may have contractual and business needs that determine data retention periods in addition to the combination of regulatory frameworks with which they are currently charged.