Companies collect millions of gigabytes of information, all of which has to be stored, maintained, and secured. There is a general fear of removing data lest it be needed some day but this practice is quickly becoming a problem that creates privacy and compliance risk. Some call it “data hoarding” and I am here to help you clean your closet of unnecessary bits and bytes.
The news is full of examples of companies losing data. These companies incur significant cost to shore up their information security and their reputations. In a study by the Ponemon Institute, the estimated cost per record for a data breach in 2009 was $204. Based on this, losing 100,000 records would cost a company over twenty million dollars. It is no wonder that companies are concerned. Those that are not in the news are spending a great deal of money to protect the information they collect.
So why are we collecting this information in the first place? Like abstinence campaigns, the best way to avoid a data breach is to not store the data in the first place. This is where data minimization steps in to reduce such risk. As part of the data minimization effort, organizations need to ask themselves three questions:
- Do I really need to keep this data?
- Would a part of the data be as useful as the whole for my purposes?
- Could less sensitive data be used in place of this data?