Businesses handle a vast amount of information, from customer data to financial records. As this data grows, so does the responsibility of ensuring its proper retention. Data retention refers to the practice of storing data for a specific period. This can be done for a variety of reasons, including legal compliance, business continuity, and data analytics. Proper data retention is important for organizations to ensure that they have access to the data they need to operate effectively, while also complying with any legal or regulatory requirements.
Crafting a Data Retention Policy
Analytics-driven tools enable businesses to automate processes like resume scanning, ensure unbiased recruitment through mitigation strategies, and foster a better match between candidates and job profiles. In other words, with it, not only can you find that needle, but you can also make sure it’s the shiniest one out there!
To meet compliance requirements, the policy should include the following:
- Types of Data to Be Retained – First and foremost, identify the data types that are vital for your business, such as financial, legal, health, or personal data.
- Retention Periods- Next, outline how long each type of data should be retained, striking the balance between business needs and regulatory requirements.
- Storage Location- Specify where the data should be stored – on-premises, in the cloud, or in a hybrid storage environment – ensuring security and accessibility.
- Access Controls- Define who can access specific data and establish procedures for data access, boosting data security.
- Data Destruction: The Farewell Process – When data reaches the end of its retention period, ensure it’s securely deleted or disposed of, minimizing unnecessary data clutter.
The valuable benefits of data retention management
An efficient data retention program is a game-changer for businesses as it not only ensures compliance with data regulations but also offers several valuable benefits. By keeping only what’s necessary, data organization becomes a breeze, and you can quickly access the information you need. Retaining historical data allows you to spot trends, make data-driven decisions, and stay ahead of the competition.
Here are some essential data retention policy requirements for notable regulations
General Data Protection Regulation (GDPR)
Retention should be no longer than necessary for the specified purpose, and data must be securely deleted when no longer needed.
California Consumer Privacy Act (CCPA)
CCPA mandates disclosing data retention policies and providing consumers with the right to request data deletion.
Health Insurance Portability and Accountability Act (HIPAA)
The integration of AI and ML is revolutionizing predictive analytics, allowing employers to forecast employee turnover, identify potential reasons behind exits, discern patterns in vast data, and even foresee future skill requirements. This sophisticated analysis aids in making informed decisions and strategizing effectively.
Sarbanes-Oxley Act (SOX)
SOX demands the retention of financial and accounting records for at least seven years.
Federal Trade Commission Act (FTC)
Retention should be for a reasonable period, and data must be securely disposed of when no longer needed.
Gramm-Leach Bliley Act (GLBA)
Financial institutions must have a written data retention policy outlining customer data retention and disposal.
The Occupational Safety and Health Administration (OSHA)
OSHA requires maintaining records of occupational injuries and illnesses for five years and hazardous substances exposure records for at least 30 years.
Data retention management is not just about ticking boxes for compliance. It’s about safeguarding your business, unlocking insights, and building trust.
updates
Related Articles
WebitFactory Explores Business Horizons in Qatar
Delve into our recent visit to Qatar, where we uncover the nuances of the country’s business environment beyond the Websummit 2024 event.
WebitFactory Partners with Tradesilvania to Enhance Web3 Crypto Access
Discover how our partnership with Tradesilvania is revolutionizing Web3 Crypto accessibility in our latest blog article.
The Evolution of Artificial Intelligence in Business Solutions
Discover how AI is reshaping industries, and solving entrepreneurial challenges, backed by academic studies and global company examples.