The Repercussions of Data Hoarding for Businesses

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Due to the steady drop in storage costs, it is now less expensive to keep information than to discard it. This appeals to the human tendency to hoard things, which has grown the self-storage market in the US to $40 billion. ‘Data hoarding’ may become a bigger issue since there is seemingly limitless access to data storage. It provides actionable insights on anything from how to budget for the next quarter to highlighting where inefficiencies are. However, data hoarding has multiple adverse effects on your business. Since it occurs virtually, digital hoarding can spiral out of control quickly. In this article at ComputerWorld, Paul Gillin speaks about the dangers of data hoarding.

Data Hoarding Is a Liability for Everyone

There is a misconception that businesses are exempt from accountability for storing outdated data if they are not subject to industry-specific rules like FINRA or HIPAA. However, nowadays, almost every organization is subject to regulation. Data retention beyond what is necessary is a danger for every firm. The General Data Protection Act in Europe, equivalent laws in California and Virginia, and privacy regulations are being imposed in more than 120 nations worldwide. The attack surface increases as corporations acquire more data.

Sue Trombley, managing director at Iron Mountain, claims, “Storage is cheap, but the people to manage it aren’t cheap.” Data protection and backup are requirements, and the price rises with volume. It is difficult to quantify the impact of bad business decisions based on outdated data, confusion caused by contradicting information, and wasted time sifting through useless data to find some valuable insights. Bill Tolson, vice president of global compliance and e-discovery at Archive360, insists on calculating the overall cost of storing, managing, and safeguarding the data hoarded.

Don’t Hoard Data. Manage It

Finding and classifying data throughout an organization can be automated using data catalog software. Most manufacturers of data catalogs also include discovery tools that allow users to look for data on corporate servers, individual PCs, and cloud storage. According to corporate standards, many even automatically flag or destroy outdated records. A better approach would be to implement data governance standards. These will outline how users should responsibly manage data, including the usage of meta-tags, limitations on data copying, and record-retention dates. Tolson said, “You have to change the company culture to actively manage old data and put policies in place to cull it when it’s no longer needed.”

To read the original article, click on https://www.computerworld.com/article/3623730/data-hoarding-the-consequences-go-far-beyond-compliance-risk.html

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