- SOLUTIONS & SERVICES
If there is one thing to take away from the last year, it is that information should not be taken for granted. Not only can a data breach cause huge issues, but it can actually be used to generate revenue.
All that being said, having a comprehensive information governance program is by far the best way to mitigate data risk. Unfortunately, there is still a lack of understanding when it comes to IG.
In fact, the 2015-2016 Annual Report released by the Information Governance Initiative confirmed that of those surveyed, 75 percent of practitioners and 79 percent of IG providers said the biggest barrier to implementing an information governance program is the lack of understanding and awareness within the organization about the value of IG.
The past blog posts linked in the intro paragraph are aimed at clearing up those misunderstandings, and often the most important step in an IG program implementation is buy-in from the entire organization.
Some powerful statistics on the cost that can be avoided come from The Sedona Conference "Principles of Information Governance":
$171 million—out-of-pocket remediation costs for a data breach affecting 100 million persons
$8.5 million—sanctions for failure to locate and produce electronically stored information in a litigation
$1 million—fine for failure to retain immigration records per regulation
$11 million—settlement with the U.S. government for record-keeping violations under the Controlled Substances Act
As many of you may already know, it is always superior to have a proactive approach to your data. Once a breach or violation happens, it is too late, the damage is already done.
There is already a lot of research available about the benefits of Information Governance. I have included a list below of some of the most relevant benefits.
We recently held a webinar to further break down how cleaning up your data and committing to an information governance program reduces compliance risk. CLICK HERE for the link to the recording and slides of that presentation.
Once you have cleaned up that legacy ROT data and created a process for moving forward, the course corrections and adjustments in the future are exponentially easier. The key is laying down that essential groundwork. IG improves every function of your enterprise related to information, from eDiscovery and legal holds to email.