This is a guest post from Peter Sloan, founding member of boutique law firm Information Governance Group, LLC. They help companies across the United States create, validate, and update records retention schedules; establish data security policies and breach response readiness; respond to data breaches; and implement legal hold processes. The orginal post can be found here.
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.
We often talk about how information governance can improve compliance, mitigate legal risk and protect in the case of a data breach. What isn't discussed as much as it should be is how information governance can truly help an organization create new revenue.
Information governance and big data offer organizations the ability to have unprecedented visibility into their operations and use these insights to drive revenue and outsmart the competition.
This study also included business associates which are organizations that perform services for an entity that handle protected health information (PHI). This is an important note as the more connected businesses become, the more potential that exists for a breach, even if that happens outside the healthcare organization. The Ponemon institute, which conducted the study, estimates that the average cost per breach is $2.2 million.
Microsoft published a report on global enterprise big data trends. The survey shows some very interesting results and has impact for those of us in the information governance community. The majority of the IT decision-makers surveyed work for companies in the manufacturing, healthcare or financial services industries and most are part of large organizations. Let's look over a few highlights from the survey: