The biggest IT challenge corporations are facing today is the growth of data, estimated at 40-60 percent annually.
A CSC study claims that by 2020, 100,0000 companies will store one petabyte of data, a size 100 percent larger than the Library of Congress’s entire printed collection. Combine this with recent headlines about large data security breaches and that an average breach costs a corporation $5.5 million, according to the IBM and Ponemon Institute Research’s “2014 Cost of Data Breach Study,” and the enormity of this problem begins to come into focus.
As the data problem grows too large to ignore, information governance — the framework for and the practice of proactively managing the valuation, creation, storage, use, archival and deletion of data — is gaining mindshare among stakeholders and executives at corporations. To fully understand the legal implications of information governance (IG) decisions, an in-house lawyer must also be a technologist, litigator, regulatory expert and contract attorney. Outside counsel can add all of this expertise and help benchmark what is standard in the overall legal and regulatory landscape.
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