In the world of records and information management (RIM), legal research plays a critical role by providing the foundation for a solidly defensible records management program. Legal research ensures that statutory and regulatory recordkeeping obligations have been considered and accounted for, particularly within record retention schedules.

Although legal research can be simply defined—identifying and retrieving the laws applicable to a particular set of facts to inform legal decision-making—in practice, legal research can be a mammoth project to take on. In today’s world of remote work and multi-national corporations, your business can find itself with operations across many jurisdictions, subject to dozens of regulatory bodies, all with different sets of recordkeeping requirements. Locating relevant laws in even just one jurisdiction can be a lengthy process (here’s looking at you, California). Luckily, that’s where the research colleagues at Zasio can help. We specialize in legal research to find, capture, and curate thousands of recordkeeping requirements across many industries and countries, and keep those requirements updated as laws change.

Let’s take a peek at what this process looks like.

Who, What, Where?

As with any research, the project’s scope must be clearly defined to optimize the research process. To that end, the hunt for recordkeeping requirements begins with answering three basic questions:

Who are the regulated entities?

What business products, services, activities, and record types are at issue? And,

Where are the regulated parties, business activities, products, or services located?

The answers to these questions set the parameters of the legal research project, whether it’s narrow and highly specialized, or it covers a broad range of activities and parties.

Once a project’s scope is set, we need to find the sources which contain the applicable laws in each jurisdiction (such as the country or state).

Straight from the Source

The best way to find and capture current and complete recordkeeping requirements is to pull them right from the source. In legal research, “primary authority” means the law itself. Laws can be statutes, regulations, decrees, orders, and other rules issued by a legislative body or regulatory authority.

For Zasio researchers, that means using public-facing official government websites, as well as subscriptions to legal databases, to find laws relevant to a research project. While secondary sources (like university websites or law firm articles) can provide useful information and direction, we primarily review laws from their primary source (where possible). Where the legal text isn’t accessible through the primary source, we turn to trusted and reliable secondary sources that make the text available.

Because we’ve already conducted extensive research in over 140 countries, we have the most relevant primary sources already identified and readily accessible in Zasio’s proprietary research database. This database forms the backbone of Zasio’s Versatile Retention SaaS and on-premise software offerings. When we run into a new jurisdiction, we conduct a thorough and systematic search for authorities to use as sources. We look to the main legislative bodies of a country or state, as well as any regulatory authorities such as ministries, agencies, or government departments that may govern either the relevant activities or parties.

These authorities can be located through resources like the United States Library of Congress website (which has guides for many countries identifying the executive, judicial, and legislative authorities), or by running a native language query using everyone’s favorite search engine.

The Methodology

When examining a source for potential recordkeeping requirements, reading every law a country has implemented wouldn’t be a particularly efficient (or enjoyable) use of time. Instead, we leverage the search features and filters the source makes available to craft keyword and Boolean searches to find relevant laws with language consistent with recordkeeping requirements.

For sources that include the feature, Boolean search operators are used to tailoring queries for laws that contain at least one term that is: (i) related to the regulated activities or parties, (ii) synonymous with retention or preservation, and (iii) associated with records or information (as well as other limiting factors).

Zasio researchers have seen A LOT of recordkeeping requirements, and they all tend to use similar terminology, phrases, and patterns of language. We use this knowledge and experience to run searches covering a wide range of regulated activities and parties in a systematic fashion until we can be certain that we’ve located all relevant laws within a particular source.

Depending on the search filters and sorting capabilities of a source, we can also narrow our search results using date ranges or categories associated with responsible agencies.

For sources with less advanced search features, we turn to other options and find creative solutions. Some sources organize laws by topic or subject, or by the issuing ministry or department. Other sources may only arrange their laws alphabetically, although generally, these jurisdictions have very few laws in force.

Regardless of the source’s search features, the key is to approach each source in a logical and consistent fashion. As laws turn up that meet the parameters of the project’s scope, we review the legal text to identify possible recordkeeping requirements.

So, what types of requirements are Zasio researchers looking for exactly?

Recordkeeping Requirements by Type

Recordkeeping requirements identified by Zasio researchers fall into four basic types:

• Regulation requirements can be summarized as the duration of retention requirements. In other words: regulated party + record + minimum or maximum retention duration.
• Handling requirements deal with how records and information must be handled. These include requirements relating to: format, media, location, movement, cross-border transfers, language, data protection and destruction measures, sanitization and anonymization of protected personal information, and sanctions or penalties for recordkeeping violations.
• Data privacy requirements include requirements relating to notice, privacy breach notification and response, data subject choice and consent for use or processing, purpose limitations, individual data subject rights with regard to their own personal information, retention limits, data transfers, system and security requirements, process type requirements, and fines, penalties, and claims.
• Statutes of limitation requirements are just what they sound like—limitations or prescriptions that define how much time litigants have to bring certain causes of action and legal claims. Duration of intellectual property rights are also included in this type of requirement.

Each requirement is captured as a citation, which is broken down into key information fields that allow for easy location, application, and readability in Zasio’s Versatile Retention software or SaaS offerings. The most crucial of these include:

• Jurisdiction;
• Title of the law;
• A concise record description;
• Regulated party or parties;
• Retention period, handling requirement, or limitation period combined with the triggering event; and
• Relevant portions of text.

Happy Hunting!

Hopefully, your own forays into legal research prove successful; however, we also know that mastering the nuances of RIM legal research is not everyone’s cup of tea. For those who do not consider themselves RIM legal research gurus, and would prefer to capitalize on the collective wisdom and accumulated research of dedicated legal professionals, check out Versatile Retention, Zasio’s retention schedule management and research solution.

Disclaimer: The purpose of this post is to provide general education on Information Governance topics. The statements are informational only and do not constitute legal advice. If you have specific questions regarding the application of the law to your business activities, you should seek the advice of your legal counsel.

The post Legal Research and RIM – A Primer on Methodology appeared first on Zasio.

During the session, Warren and Rick will present Versatile Retention, Zasio’s leading retention management tool. Topics they’ll cover include:

• How to keep the retention schedule updated within the tool.
• The legal research database and managing citations.
• How users can access retention schedules locally or via a company intranet, and more!

Here are the event details, we hope to see you there!

“You Have Updated Your Retention Schedule, Now What?”
Date: October 7, 2021
Time: 12:00 – 1:00 EST
Cost: Free

The post You Have Updated Your Retention Schedule, Now What? appeared first on Zasio.

A global pharmaceutical company needed records retention consulting and a new retention management tool when they met Zasio at an industry conference. Impressed by Zasio’s team and their industry-leading retention management solution, Versatile Retention, (now known as Versatile 2025 with Retention Schedule Management) the Company hired Zasio for a small consulting pilot. This pilot led to reoccurring consulting engagements and the purchase of Versatile Retention. Over nine years later, the relationship between the two companies is more than just business, it’s a true partnership.

Engaging the Experts

For the pilot, Senior Records Manager, “SRM”, asked the Zasio team to review 20 retention codes in 12 countries to ensure the regulations and retention periods were correct. She had no history with this retention schedule because another group had managed retention at the Company but was disbanded during an organizational restructure. When this happened, the background knowledge and retention schedule history was lost, leaving SRM with little to work with and in need of expert help.

The Zasio Consultants delivered the pilot results in an Excel spreadsheet, per SRM’s request, and she uploaded it into her system. “They gave us exactly what we were looking for, and it was understandable! We’re not lawyers and we’re not experts in these regulations so the way they worded things was extremely helpful,” said SRM.

After the pilot, SRM hired Zasio’s Consultants to review the rest of their 300-code retention schedule. They reviewed all codes across 12 countries, consolidating many of them, and reformatted the retention schedule into a “big bucket” format. This was a huge project, but SRM was pleased with the results. “We saw a reduction of about 100 codes, which made the retention schedule simpler for our customers (other departments) to use. They had fewer questions, and it was easier for them to find specific retention codes,” she said.

Today, the Company’s global scope is 34 countries. Even with the larger scope and several country exceptions, the Company’s retention schedule is manageable and kept up-to-date by Zasio’s Consultants who review it every 3-5 years. Being experts in regulatory, clinical, and manufacturing record types, Zasio always delivers the information the Company needs for the pharmaceutical industry, in the format they need. “We’ve worked with other vendors on projects who provide deliverables in one format regardless of our requests and we have to make it work. We’ve never had that with Zasio,” said SRM. “It’s a great partnership we’ve had over the years.”

Implementing Versatile

Once the Company’s retention schedule was updated, SRM needed to address her other retention challenge — the outdated retention management tool. The IT Department would no longer support the existing tool so she needed something new. She selected Versatile because of the expansive international research database of over 174,000 international citations, and the fluidity of updates between the tool and Zasio’s Consultants. “It saves me so much time making updates or additions to the retention schedule, especially after a big review, because all updates are done within the system,” said SRM. “Zasio still provides a spreadsheet outlining the changes, but I don’t have to manually update each code. We just send over a data file, the consultants make updates and send it back, all through the Versatile system. It’s so easy.”

Other Benefits

Privacy Reviews

In addition to reviewing regulations and retention periods every 3-5 years, Zasio’s Consultants review for privacy and data localization. They share this information in reports that are easy for SRM and her team to understand. “They articulate areas of concern and things we should address, and compile it a way that’s easy for us to digest so we can discuss and make our decisions based on their suggestions and expertise,” said SRM.

The Customer Support

Zasio’s Customer Support was instrumental during implementation, but it goes further than that. “When we implemented Versatile, they were so helpful in answering all of our questions,” said SRM. “We would have biweekly meetings where they would go over different sections of the tool, showing us how it worked and ways to customize it.” For example, during implementation, they spent a lot of time teaching her how to create and customize reports but their help has never been limited to one-time training. Today, SRM will occasionally run into a new or complex report so she contacts Support and they show her how to do it, or if it’s time-sensitive, they’ll offer to do it for her. “It’s the extra touches and handholding like this that are so great. People on our team work with other vendors on projects and always tell me I have it so easy because I get to work with Zasio.”

Projects Beyond Scope 

When the Company’s IT Department launched a new risk management initiative, they wanted to tie the retention schedule into a new risk management system. This required a printed copy of the entire 34-country retention schedule, inclusive of all country exceptions. “I said, I don’t think we can do that, that is a huge report,” says SRM, but she contacted Zasio to see if they could help. Zasio’s Product Development team met directly with the Company’s IT and Risk Management teams and developed a report to provide the necessary information with an agreement to refresh it every 3-5 years. “Zasio supports us so well as a records management group, but then they’re willing to help other departments within our company. It’s above and beyond the scope of consulting or Versatile,” said SRM.

Results

Since working with Zasio, the Company’s results are significant. They have an up-to-date global records retention schedule that is reviewed every 3-5 years by experts who know the pharmaceutical industry. The reviews include privacy and data localization so the Company can feel confident knowing they’re compliant with applicable privacy regulations around the world. Changes and updates to the retention schedule flow directly from the Zasio Consultants into Versatile saving SRM an estimated 40% of time she used to spend making changes manually, and they have access to a U.S.-based customer support team they can call directly. Results like these are what Zasio aims for when it comes to customer satisfaction and retention. “I am always willing to recommend Zasio, the true partnership our company has with your team is phenomenal,” said SRM.

To learn more about Versatile 2025 with Retention Schedule Management or Zasio’s Consulting Services call 1-800-513-1000 opt. 1 or email sales@zasio.com.

The post Zasio Consulting Services and Versatile Retention™ Case Study: More Than a Vendor – Why Zasio is a Trusted Partner for this Global Pharmaceutical Company appeared first on Zasio.

During the webinar you’ll learn:

• Questions records managers should ask their business units to get a starting point for their research.
• Resources and tips for records managers conducting legal research.
• Strategies for mapping legal requirements to your records retention schedule.

The post Researching and Analyzing Legal Records Retention Requirements appeared first on Zasio.

• What is a records retention schedule, and how do they function within an organization?
• Why do organizations need to create one, and what benefits do they provide?
• How do I go about designing one from the ground up?
• How can I apply legal research to set retention periods
• How can I keep my schedule up to date as recordkeeping regulations change in the future?

The post Retention Schedules 101 appeared first on Zasio.

In Ohio, there are 14 public universities that make up the Inter-University Council of Ohio (IUC), an organization established to help coordinate items of common interest and concern between its members to sustain and improve the quality of higher education. One of the initiatives that falls under the IUC umbrella is records management.

In 1989, a group called the IUC Campus Legal Counsels committee created the IUC’s first binder-style paper retention manual, which was the start of records retention among the ICU institutions. The information in that manual was eventually moved into records retention and citation software where archivists at The Ohio State University (Ohio State) helped maintain the schedule and research citation updates. The retention schedule and citations remained in that software for almost 30 years, until Pari Swift joined Ohio State as its Records Manager. Pari was tasked with researching a better records retention system that would be able to handle IUC’s unique records management needs. Armed with an extensive required features list, Pari needed a tool that, at a minimum, could:

• Support IUC’s master retention schedule
• Give each of the 14 individual universities the ability to view the master schedule and citation database to conduct their own retention research
• Allow multiple administrators to store their own retention schedules within the tool

While the IUC had started some preliminary research, Pari introduced the team to a records retention solution she had used in a previous role, Versatile Retention™, an industry-leading solution by Zasio.

Why Versatile Retention

Working with Zasio, Pari built a business case on implementing our records management software and was able to gain the approval to move forward from various levels and departments within the IUC. Some determining factors that were instrumental in the approval were:

Ease of use. The team wanted something that was easy to use with minimal training. “Using the system is easy because it is so intuitive. We had five hours of training, where we did set up, learned how to search the database and create the retention schedule. If you could only see where we came from,” Pari laughs, “it was like the sky opened and the light poured out. It was wonderful!”

Being able to link citations. The ability to link citations directly to a specific schedule and search for schedules that have a specific citation linked is really helpful. If there’s an update, users can search for all of the schedules that might be affected. Frequent, automatic citation updates. Zasio’s in-house research team works continuously to keep up with citations in over 130 different countries, so they’re able to deliver consistent, timely updates right into the tool. “With our old solution, citation updates were only received every six months and even though they were every six months, the actual updates were about 18 months behind. We found it was faster to actually do the updates ourselves rather than wait for the software update,” said Pari.

Retention schedule tracking. This was really important because as public entities, the IUC members must follow Ohio’s public records laws, which include fines for the disposition of records not in accordance with retention schedules. Because of this, it is really important the schools are able to prove what a retention schedule looked like at the time of any given records disposition. “It really helped sell Versatile Retention because we know the importance of having a history and tracking what a retention schedule looks like, or had looked like, at any point in time,” said Pari.

Implementing Versatile Retention

When it came to the implementation, Pari and her team worked closely with Zasio’s Software Implementation Specialists. A lot of the data that needed to be migrated was currently stored in their existing retention software and a Microsoft Access® database.

One of the biggest challenges they faced was mapping the data and information from one system to another and ensuring it aligned, especially when it came to getting some of the older legacy fields into the new Versatile Retention fields. “Thankfully, Zasio has a lot of experience with mapping other vendors, which helped because we had so many unique fields that didn’t match,” said Pari. “We had a lot of back and forth though and if there were any errors, they were so fast about getting things fixed, answering any questions, and were very patient.”

Results

The team was able to successfully get all of the IUC’s information into Versatile Retention, as well as Ohio State’s, so they could manage their own retention schedule at the university level. Pari and the IUC team have seen immediate results, including:

• • Confidence creating retention schedules. “It’s easier for users. Schedules are easy to track, search, copy from, and attach to. It’s all right there in one spot. It’s so efficient,” said Pari.
  • Easy to use across campus. Users are able to go in and do a basic search and find the needed retention schedule information rather than having to email the records team asking for it to be sent to them. “It’s great, if a department needs a schedule, they just go to the website, pull down the most recent schedule and go on their way; it’s not just saving me time, it’s saving them time, too,” said Pari.

The post Versatile Retention™ Case Study: The Inter-University Council of Ohio and Ohio State University appeared first on Zasio.

• Information collected in the know your customer procedures | keep for 10 years counting from the first day of the year following the end of the relationship with the customer;
• information collected in the procedures intended to know employees, partners, and providers of outsourced services | keep for 10 years counting from the date of termination of the contractual relationship;
• registration of transactions, transactions carried out, products and services contracted, withdrawals, deposits, contributions, payments, receipts or transfers, payment and receipt of transactions and transfers of funds, and In-Kind Transactions | keep for 10 years counting from the first day of the year following that when the transaction was performed;
• the dossier of the analysis of transactions and situations selected by means of monitoring and selection procedures in order to characterize them, or not, as suspicious money laundering and terrorist financing activities | keep for 10 years;
• the contract between the authorized institution and one not authorized by the Central Bank, allowing for a payment arrangement and which requires that the identification of the final recipients of funds to be set forth in contract, for the purposes of AML | keep for 5 years after the end of the contractual relationship;
• the know-your-customer procedures manual; the procedures for monitoring, selecting and analyzing suspicious transactions and situations manual; the procedures aimed at knowing the employees, partners, and providers of third-party services; previous versions of the assessment report of effectiveness; the data, records and information regarding the follow-up and control mechanisms; the action plan and respective follow-up report | keep for 5 years.

The post Alert: New 10-Year Retention Requirements in Brazil for AML Related Activities appeared first on Zasio.

It occurred to me that organizations have a similar hoarding problem when it comes to documents, which is amplified by the number of employees who keep copies and versions regardless of what kind of archival tools or records retention program is in place. After putting hours of effort and consideration working on, let’s say, a 35-page assessment and formal proposal, you can bet that most folks tuck an extra copy away on their hard drive or a file share somewhere…and probably print out a paper copy too, just to be safe.

Employees often have hoarder’s mindset, keeping copies and versions regardless of what kind of archival tools or records retention program is in place.

Sense of Ownership

That sense of ownership and the desire to avoid reinventing the wheel makes perfect sense, but all those hoarded documents have a downside because the information can pose an unseen risk to the organization. And the liability grows when people have a “keep everything” approach to records management, especially as the volume, velocity, and variety of content that every organization must manage continues to grow and evolve in this age of Digital Transformation.

Just Keep Everything

While digital transformation may seem like it’s all about collecting more and more data, the truth is not all data is good data and there is a great deal of liability for the company when it over-retains. For example, not having visibility into what an employee saves is a cause for concern, because you don’t know what type of information is being preserved by the employee and whether or not it falls within a proper retention schedule. And if they are holding onto a record for a longer period of time than they need to – regardless of the company retention policy – that information is still subject to disclosure through discovery, or any type of compliance audit, or other types of regulatory and legal proceedings.

You Don’t Know What You Don’t Know

Information security and data loss prevention (DLP) is also a pressing matter, especially as the number of cyber incidents continues to rise. If documents are hoarded by employees, organizations lack visibility into critical facts such as what is being over-retained, where it is being stored, who has access rights, and the appropriateness of the security applied to the content. If past incidents played out before the public is any indication, the hidden information represents a treasure trove of data for hackers looking for security loopholes.

Costs and Risks

The costs and risks are substantial, including fines for over-retention of certain documents and information (e.g., personal data). There are litigation costs that come into play through e-discovery, and very real exposure in court by virtue of what you are now compelled to disclose. Additionally, the harm to the organization’s reputation, loss of public trust, and impact on current and future business opportunities cannot be discounted.

Best Practices

It’s one thing to point out a problem and another to do something about it. Here are three best practices to consider:

Communication

The first step is communication and putting records management top of mind with every employee. It is important to set the expectation that everyone will follow through with the retention schedule and preserve documents according to the records management and other related corporate policies and guidelines. It is important to review corporate policies and guidelines from different departments (e.g., information security, IT, privacy, etc.) and assure alignment to address potentially conflicting information.

Training

Next step is training; not just at the time of new employee onboarding, but continuous refreshers along the course of the employees’ time at the company. As records management is reiterated and encouraged the tendency to hoard tends to fade from the mindset of the employees as it becomes second nature in the execution of their everyday tasks.

Make it Easy

Let’s face it, if the systems and procedures to properly save and archive records are hard to use, and people are not comfortable using and trusting the system, they will simply revert back to their old hoarding habits. Make it easy by using an automated process and reducing the number of steps for employees to follow where possible.

Moving Forward

When it comes to information governance and successful adoption, the focus needs to extend beyond just the technology and account for work culture and employees’ mindset. You can change that hoarding mentality through awareness, common-sense training, and implementing systems that make it easier for employees to comply with the organization’s information governance policies and guidelines.

For more information or to see how our Versatile technology solutions and consulting services can help manage and protect your records and ensure you comply with legal retention requirements, please fill out our Contact Form.

Disclaimer: The purpose of this post is to provide general education on Information Governance topics. The statements are informational only and do not constitute legal advice. If you have specific questions regarding the application of the law to your business activities, you should seek the advice of your legal counsel.

The post Tips to Prevent Hoarding of Documents appeared first on Zasio.

Upgrades will begin this month, starting with Versatile Retention v10.2, followed by the release of Versatile Retention SaaS v1.4 in the spring. Later this year, we will begin final testing of Versatile Enterprise v9. And, if that’s not enough, we have some big surprises in development for Versatile Electronic Records Management System (ERMS), Versatile Retention v11, and several other products.

I have been the CEO of Zasio for over 31 years, helping to pioneer the use of technology to manage information. As I look ahead, I’ve never been so excited about our Team and our future. What separates us from our competitors? A couple of things. First, our longevity and stability. I’ve witnessed many competitors come and go, and countless records management software applications become obsolete. Our continued development and improvement of our products ensures our Customers’ investment is protected and their records management program is top notch. Second, our vast experience. Our Legal team is made up of seven on-staff attorneys, with over 40 collective years at Zasio alone. Our Support team has over 100 years of IT experience and over 50 years of direct Zasio experience. Our Software Development team has over 200 years of experience, and to ensure our consulting services and product offerings stay relevant, we have five Certified Records Managers on staff.

Everyone at Zasio works as one team, for one goal—You.

So stay tuned, 2019 is going to be a great year for Zasio, which we promise will continue to result in the best possible products and services to you.

The post A Look Ahead to 2019 appeared first on Zasio.

In any organization there is overlooked information that is never noticed and no one ever thinks about it. It includes, among other things, information captured in an image archive or document management repository, or it could be data housed in ERP systems, collaborative workflow platforms or any number of line-of-business databases. Even copiers and scanners hold cached images you may not know about. Things like social security numbers, financial and medical account details, addresses and phone numbers, are all found in these repositories, yet that information can be overlooked or hidden from view; especially as the volume, velocity and variety of information that must be managed continues to grow at unprecedented rates. This information can represent a treasure trove of opportunity for data hackers and cyber-thieves looking to steal sensitive and private data.

Can Your C-Suite Sleep at Night?

Data security and compliance are on the minds of C-suite leaders in all industries and it’s easy to lose sleep at night. It seems like every week there is yet another high-profile data security breach, and some of the world’s most tech-savvy companies are falling victim. Indeed, just recently Facebook, already facing scrutiny over how it handles the private information of its users, disclosed that an attack on its computer network exposed the personal information of nearly 50 million users. Some of the biggest victims in 2018 include T-Mobile, Quora, Google, and Marriott hotels, which recently revealed that hackers had accessed the information of an estimated 500 million customers.

At the same time, data protection regulations around the world are becoming increasingly strict. One prominent example is the General Data Protection Regulation (GDPR) that went into effect in Europe last year. The GDPR is an overarching data protection law that applies to all European Union residents and is designed to make companies more accountable for the way they process personal data. While the rule is European in scope, it influences compliance and liability for any organization dealing with the personal data of EU citizens.

For the first time, information security and compliance has entered the top three drivers for digital transformation..

Driver for Digital Transformation

For these reasons, data security and compliance are increasing drivers to organizational spending on digital transformation. In one AIIM International industry research report, “Governance and Compliance: A Real-World View,” organizations were asked to rank the top drivers for digital technology investment in their company. Improved process productivity (42%) and faster response (30%) remain at the top of common objectives, but for the first time information security and compliance has entered the top three drivers for digital transformation.

Costly Breaches

Is your organization at risk? Yes. Experts tell us that it’s not a matter of if your organization will be hacked, but when, and the chances that your organization will suffer a data breach this year are one in four. As the frequency of cyber-theft continues to grow, so too are the associated costs. One report from the Ponemon Institute reported that the global average cost of a data breach is up 6.4 percent over the previous year to $3.86 million. The average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8 percent year over year to $148. The direct costs include hiring experts to fix the breach, investigating the cause, setting up hotlines for customers and offering credit monitoring for victims.

The real impact, however, is found in the business that is lost and damaged goodwill in the market – both customers and Wall Street are wary after a breach. One good example is the archetypal breach at Target in December 2013, just weeks before the year-end holidays, which put the company in a tailspin. Five years later, the company still faces a number of government investigations and more than 80 lawsuits. Target incurred $61 million in costs associated directly with the incident at the time, but the total expense to the company is estimated to be between $500 million and $1 billion — and that’s on top of any sales lost as a result of customers avoiding its stores after the breach.

Tools to Battle Cyber-Theft

At Zasio, we’ve built some important tools to help battle cyber-theft, starting with Versatile Enterprise™, a complete records management solution that allows users to manage all corporate records (physical and electronic) in one system, and then apply consistent retention policies to those records. The system works in the background to automatically calculate disposition dates (or suspend them for retention holds) of relevant records according to retention schedules, and will notify you when they are ready for transfer or destruction. Versatile Retention™ is our application in which users can research retention and privacy laws, create and maintain up-to-date retention schedules that protect the security and efficacy of important, private and sensitive information.

Experts tell us that the chances that your organization will suffer a data breach in 2019 are 1 in 4.

It’s Not Always about Collecting More Data

The specter of security and compliance demands greater levels of information governance. And it’s not always about collecting more data…sometimes you need to get rid of data that is no longer providing value but may represent a great risk to the organization. That is where strategic records retention policies and practices make a real difference in reducing risk to your organization. Consider these aspects as you design your strategies. Look for tools like Versatile Retention and Versatile Enterprise that allow you to take the right actions to properly secure and protect private information.

Unsure if your company’s data security is where it should be? Talk to our experts! Contact us today for a free demo or assessment.

Disclaimer: The purpose of this post is to provide general education on Information Governance topics. The statements are informational only and do not constitute legal advice. If you have specific questions regarding the application of the law to your business activities, you should seek the advice of your legal counsel.

The post Is Redundant, Obsolete and Hidden Data Putting your Organization at Risk? appeared first on Zasio.