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External protection from threats is obviously critical when it comes to cybersecurity. However, as these threats are constantly evolving, ensuring your information governance is effective is another approach to safeguard your data.
Data is hacked and stolen every day, causing a compliance risk nightmare. The Ponomen Institute estimates that data breaches cost companies an average of $174 per record. On top of the initial financial impact, organizations are often held liable and subject to legal and regulatory penalties.
As more information moves to the cloud, companies must be increasingly vigilant as their data isn't always under their control. As data storage has become more affordable, many businesses have kept redundant, obsolete and trivial (ROT) data "just in case". Unfortunately, there is significant inherent compliance risk in this strategy, as illustrated in the chart below.
As you can see, the longer the ROT data is held onto, the more the compliance risk of managing it increases. Despite advancements in security and new processes, hackers create new and sophisticated ways to breach company data. By implementing a solid information governance plan, an organization can prevent compliance risk in the case of a hack or accidental data leak.
Now let's tackle the key components of an information governance program to help mitigate the damage of a potential data breach.