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What Does the Data Retention Period Means?

Thomas Symann

• 2 min read

Data is a valuable asset for every brand, and that’s the reason majority of hackers target business data to capture their attention (and sales). According to stats, around 7.5 septillion gigabytes of data is collected every day, and there’s a reason governments have launched laws and regulations to protect business data. This is why it’s important for brands to have data retention policies, and we are sharing what is a data retention period!

Understanding Data Retention

Data retention is the process of storing the data and records to manage the data for a specific period of time. There are multiple reasons to retain the business data, such as ensuring accurate financial records and abiding by laws (they have to abide by federal, local, and state laws). It ensures that the websites are operating according to the industry regulations.

It will ensure that the important information is easily available for litigation as well as discovery purposes. For this reason, it’s essential for businesses to create and implement data retention policies.

Understanding the Data Retention Policy

A data retention policy is basically the established set of rules and protocols that focus on maintaining the data and information. In most cases, the data retention policy will outline which type of data has to be stored and the recommended format for storing the data. In addition, it outlines how long you’ve to store the data and what the end will be of retained data (delete or archive).

The data retention policy will also outline who has the authority to dispose of the data and what processes have to be followed in case there is a violation. The primary purpose of these policies is to ensure that data management is according to legal regulations. In addition, it helps improve the overall efficiency of your organization.

The Data Retention Period

The data retention period is basically the amount of time that you have to hold the information for. Every type of data has a different retention period. According to the experts, the data should be stored for as long as it’s useful. However, it’s better to do your research before you determine the retention period for your organizational data. In simpler words, there is not one specific timeline.
Things to Remember While Creating the Data Retention Policy
To create the data retention policy, you’ve to keep the following things in mind, such as;

  • Make sure you understand the regulations associated with your business and industry.
  • Make sure the policy is comprehensive and represents the interests of every department in the organization.
  • You have to use simple language as well as straightforward terms while creating the data retention policies to ensure they are easily comprehendible.
  • Make sure there are different timelines set for every type of data and specify it in the document.

The Bottom Line

Data retention is important for security and informational purposes. So, we recommend that you read the regulations relevant to your industry and set the timelines accordingly!