The cost (both financial and time) of eDiscovery is substantial. In fact, it's only getting more prohibitively expensive as data storage gets cheaper and easier to set up and companies have to comb through an ever-increasing amount of information.
The vast majority of companies we interview do not follow their retention policies. The blame can be spread between legal, information technology and the business. This post will give 5 steps to help in-house attorneys succeed with Records Retention Policies.
Legal holds are by no means a new concept. However, with the ever expanding amount of data that businesses are producing, it is becoming a much bigger challenge.
A report from the Association for Information and Image Management (AIIM) shows that 51% of organizations have had data governance incidents in the past 12 months, including 16% undergoing a full data breach. Overall, 45% of business executives state that a lack of a solid information governance program leaves their company open to litigation and data governance risks.
As we have discussed in a previous blog post about Sony, the consequences of a data breach reach beyond the initial loss of data. The latest company to experience this is Arby's.
In April of 2016, Mossack Fonseca, a law firm in Panama suffered a large data breach resulting from a cyberattack. Known as the Panama Papers, it uncovered the offshore finance information of many billionaires. This resulted in serious investigations which will undoubtedly cause legal consequences for those involved.
The world of information is changing and so is the value of that information. In the 1980s, mainstream electronic information was a novelty. The 1990s welcomed the ability to communicate easier. The 2000s brought creation of information at a much faster pace. Big data and the value of information has been the most recent development.
There is a lot of misunderstanding around information governance and what it really entails. Below are a few common misconceptions about IG and an explanation of the true state of IG.
Dr. Stephen Hawking stated that one can theoretically pull data out of a black hole, but does that mean you should store your data in the most efficient storage device in the universe?
The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo, RBC Capital Markets, LPL Financial and others a total of $14.4 million for a records management problem. This risk and compliance issue may have allowed company and customer records to be altered.