Digital Data Hoarding Become a Problem

Executive Insight Newsletter from Shiv Singh, CISSP , CEO of LINEARSTACK

The more organisations expand into new markets, the more data they collect, resulting in more financial risk. Organisations not paying attention to critical business functions like data management may have hoarding tendencies. Many data-hoarding companies experience security breaches and increased compliance risk by needing to grasp their legacy data.?

Data, like many organisations' assets, has become less valuable. At what point does data lose its value? Artificial intelligence (AI) and machine learning (ML) have shown recent promise, with organisations wanting to monetize their legacy data. However, the cost of AI and ML and the lack of return on investment (ROI) continue to escape most organisations.?

Organisational Data Hoarding Becomes a Business Risk?

Risk and cost continue to become a thorn in many CEOs and CFOs' backs regarding what to do with legacy data. Keeping legacy data to support future digital transformation and regulatory requirements, even moving to the cloud, has become more costly than projected. The cost of cloud security to protect legacy data has also become expensive. Cloud Storage costs embedded within cloud file shares offered by many providers must become more expensive.?

Data hoarding and associated security risks can cause reputational damage and significant operational expenses. The exposure of sensitive information through leaks or hacks can negatively affect a company's brand and require efforts to regain the trust of important clients. Attempting to keep legacy data unencrypted or weaken security infrastructure to help reduce costs is an unnecessary risk.?

Getting Ahead of Data Management and Risk?

The demand for data management models is increasing due to changing regulations and business needs. Staying current with best practices is essential for organisational success, and protecting current and legacy data, which may become stored in multiple locations, is critical.?

Developing plans starts with understanding data management, including having a data retention policy, deleting content based on the retention policy, and storing the data in a low-cost yet secure environment.?

The other challenge is that most organisations lose their data while continuing to pay high storage costs. Discovering orphaned data alone should motivate organisational executives to sponsor a comprehensive business strategy to include a full-cycle data plan and eliminate individual data hoarding while meeting regulatory compliance.?

The answer to solving this challenge takes time. It starts with the inception of the business reason to generate data. Organisations must consider the cost and risk implications of retaining data beyond its useful life.??

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