Records management and defensible destruction
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Transcript of Records management and defensible destruction
Is your organization guilty of hoarding data?Records management and the case for defensible destruction
2 Copyright © 2014 Deloitte Development LLC. All rights reserved.
A record is any information created or received that should be retained as evidence by an organization or person in pursuance of compliance, legal obligations, or in the transaction of business*
*ISO-15489
Setting the stage
The bottom line:
If it needs to be kept, it’s a record, and it needs to be protected.
3 Copyright © 2014 Deloitte Development LLC. All rights reserved.
The data lifecycle
Structured
Identify and
classify
Use
Disposition
Store
Unstructured
Semi-structured
Destruction
Archive
Th
e d
ata
life
cycl
e
Five steps:
1. Identify and classify
2.Store
3. Use
4. Disposition
5. Archive
OR
5. Destruction
4 Copyright © 2014 Deloitte Development LLC. All rights reserved.
Big data
It is estimated that over 1/3 of corporate data is expired, redundant, or worthless.
The big data footprint is growing rapidly*:• 90% of all data were created in the last
two years• Data available will soon increase to
40,000 Exabytes• Information technology budgets are
expected to expand 40% by the year 2020
*http://www.thereformedbroker.com/2013/08/16/crazy-big-data-stats/
5 Copyright © 2014 Deloitte Development LLC. All rights reserved.
Not long enough
Breach of law
Inability to perform in a lawsuit
Regulatory fines
Poor customer service
Jail time
Retention is easy; the right retention is hard
Retention laws and regulations dictate how long to keep records. Privacy laws push us to delete them when they are no longer required.
High risk Low risk High risk
Too long
Breach of privacy law
Increased breach risk
Increased storage costs
Increased eDiscovery costs
Punitive damages
6 Copyright © 2014 Deloitte Development LLC. All rights reserved.
Three steps to defensible destruction
“…records containing ‘identifying information’ must be destroyed within six months of the expiration of the
records retention period.”
Code of Virginia (COV § 42.1 -86.1)
1. Records are destroyed in accordance with their data classification
2. The process to destroy is repeatable
3. Records are destroyed regularly and NOT on an ad hoc basis
7 Copyright © 2014 Deloitte Development LLC. All rights reserved.
In the recent “2013 Cost of Data Breach” study, an independent research institute found the average U.S. breach cost to be $5.5 million with an average cost per compromised record at more than $194.*
Return on investment
If just 20% of those records were defensibly destroyed, the savings could be $360,000 per case.
If just 20% of those records were defensibly destroyed, the average company could save $1.1 million per breach.In 2012, a nonprofit global think tank analyzed the eDiscovery costs associated with 57 cases from eight large organizations. The average total cost per case was $1.8 million dollars or $26,605 per gigabyte.**
*Ponemon Institute “2013 Cost of Data Breach: Global Study”**http://www.rand.org/pdfrd/RAND_MG1208_eDiscovery_Costs.pdf
8 Copyright © 2014 Deloitte Development LLC. All rights reserved.
Glenn WilsonERS Manager | Technology RiskDeloitte & Touche LLP+1 213 688 [email protected]
LinkedIn: http://www.linkedin.com/in/gmw13
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Contact information
This publication contains general information only and is based on the experiences and research of Deloitte practitioners. Deloitte is not, by means of this publication, rendering business, financial, investment, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
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Copyright © 2014 Deloitte Development LLC. All rights reserved.Member of Deloitte Touche Tohmatsu Limited