Join leaders in Boston on March 27 for an exclusive night of networking, insights, and conversation. Request an invite here.
Businesses today have a tremendous opportunity to use data in new ways, but they must also look at what data they keep and how they use it to avoid potential legal issues. Even with the growth in generative AI, organizations are responsible for not only safeguarding their data, specifically personal data, but also strategically managing and deleting older information that comes with more risk than business value.
Forrester predicts a doubling of unstructured data in 2024, driven in part by AI. But the evolving data landscape and escalating cost of breaches and privacy violations call for a critical look at how to create an effective and robust data retention and deletion strategy.
Data explosion and escalating breach costs
While the expected volume of data is growing, so are the cost of data breaches and privacy violations. Ransomware criminals are taking over highly sensitive medical and government databases, including hacks of Australia’s courts, a Kentucky healthcare company, 23andMe and large enterprises like Infosys, Boeing and security-provider Okta. These breaches are getting more expensive too — IBM found that the average total cost of a breach was $4.45M in 2023 — a 15% jump over 2020.
To manage data effectively, organizations need to craft a policy to delete obsolete data. With gen AI, executives may ask if anything should ever be deleted given future opportunities. But the longer a company stores data, the more opportunities for a data breach or fines for violations of privacy law. The first step to minimize this risk is to take a comprehensive look at how a company is using its data, along with the nuanced considerations and tangible benefits of a data retention strategy.
VB Event
The AI Impact Tour – Atlanta
Continuing our tour, we’re headed to Atlanta for the AI Impact Tour stop on April 10th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on how generative AI is transforming the security workforce. Space is limited, so request an invite today.
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Join leaders in Boston on March 27 for an exclusive night of networking, insights, and conversation. Request an invite here.
Businesses today have a tremendous opportunity to use data in new ways, but they must also look at what data they keep and how they use it to avoid potential legal issues. Even with the growth in generative AI, organizations are responsible for not only safeguarding their data, specifically personal data, but also strategically managing and deleting older information that comes with more risk than business value.
Forrester predicts a doubling of unstructured data in 2024, driven in part by AI. But the evolving data landscape and escalating cost of breaches and privacy violations call for a critical look at how to create an effective and robust data retention and deletion strategy.
Data explosion and escalating breach costs
While the expected volume of data is growing, so are the cost of data breaches and privacy violations. Ransomware criminals are taking over highly sensitive medical and government databases, including hacks of Australia’s courts, a Kentucky healthcare company, 23andMe and large enterprises like Infosys, Boeing and security-provider Okta. These breaches are getting more expensive too — IBM found that the average total cost of a breach was $4.45M in 2023 — a 15% jump over 2020.
To manage data effectively, organizations need to craft a policy to delete obsolete data. With gen AI, executives may ask if anything should ever be deleted given future opportunities. But the longer a company stores data, the more opportunities for a data breach or fines for violations of privacy law. The first step to minimize this risk is to take a comprehensive look at how a company is using its data, along with the nuanced considerations and tangible benefits of a data retention strategy.
VB Event
The AI Impact Tour – Atlanta
Continuing our tour, we’re headed to Atlanta for the AI Impact Tour stop on April 10th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on how generative AI is transforming the security workforce. Space is limited, so request an invite today.
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