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Data Retention

Data retention refers to the practice of storing and preserving data for a specified period of time. Organizations retain data for reasons such as legal and regulatory compliance, where certain laws and regulations mandate retaining specific data types for set time periods. Failure to comply with these requirements can result in penalties. Physical storage is also an important consideration, as organizations must securely and reliably retain data to prevent unauthorized access or loss over time.

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Marlon Magtibay
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25 views

Data Retention

Data retention refers to the practice of storing and preserving data for a specified period of time. Organizations retain data for reasons such as legal and regulatory compliance, where certain laws and regulations mandate retaining specific data types for set time periods. Failure to comply with these requirements can result in penalties. Physical storage is also an important consideration, as organizations must securely and reliably retain data to prevent unauthorized access or loss over time.

Uploaded by

Marlon Magtibay
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Data retention refers to the practice of storing and preserving data for a specific period of time.

There
are several reasons why an organization might need to retain data, including legal compliance,
regulatory requirements, internal policies, and historical record keeping.

One of the primary reasons for data retention is legal compliance. Many laws and regulations require
organizations to retain certain types of data for a specified period of time. For example, financial
institutions may be required to retain transaction data for a certain number of years in order to comply
with anti-money laundering regulations.

Another reason for data retention is to support internal policies and procedures. For example, an
organization may need to retain emails and other correspondence for a certain period of time to ensure
that they can be accessed in case of legal or compliance issues.

In addition to the need for retention, there are also issues related to the physical storage of data. Data
storage can be costly, and organizations need to consider the costs of maintaining and managing data
over time. Physical storage also raises concerns related to security and access control, as well as the risk
of data loss due to hardware failure, natural disasters, or cyber attacks.

To address these issues, organizations may use various methods of data storage and retention, including
cloud-based storage, backup and recovery systems, and physical storage solutions such as tape backups
or hard drives. It is important for organizations to have a clear data retention policy that outlines the
types of data that need to be retained, the retention periods, and the methods of storage and access
control. This can help ensure compliance with legal and regulatory requirements, as well as minimize the
risk of data loss or unauthorized access.

Data retention is the practice of storing and preserving data for a specific period of time. There
are various reasons why organizations need to retain data, such as legal compliance, regulatory
requirements, historical record keeping, or business operations.

One of the main reasons for data retention is legal compliance. Organizations are required by
law to retain certain types of data for a specific period of time. For example, financial institutions
are required to retain transaction data for a certain number of years to comply with anti-money
laundering regulations. Failure to comply with these regulations can result in legal and financial
penalties.

Another reason for data retention is regulatory compliance. Regulatory bodies often require
organizations to retain data for a specific period of time to ensure compliance with their
regulations. For example, healthcare organizations are required to retain patient records for a
certain number of years to comply with HIPAA regulations.

Data retention can also be necessary for historical record keeping. Organizations may need to
retain data for a certain period of time to keep track of their business activities or to support
future decision making. This can include financial records, customer data, and other types of
business data.

Physical storage is an important aspect of data retention. Organizations need to ensure that
data is stored in a secure and reliable manner to prevent loss or unauthorized access. Physical
storage can take many forms, including on-premise storage, cloud storage, tape backups, or
external hard drives. The choice of storage medium will depend on factors such as the volume of
data, the required level of security, and the organization's budget.

In conclusion, data retention is a necessary practice for many organizations to ensure legal and
regulatory compliance, historical record keeping, and business operations. Physical storage is an
important aspect of data retention, and organizations need to ensure that data is stored
securely and reliably to prevent loss or unauthorized access.

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