🔒 Is Your Business Protecting Its Data Legacy?

Recent data breaches at companies like Latitude Financial, Medibank, and Optus serve as stark reminders of the critical need for businesses to have a comprehensive grasp of their data. Knowing what you hold, where you hold it, and the associated risks is not a luxury; it's a necessity.

The Latitude breach, in particular, illustrates the dangers of not effectively disposing of unnecessary personal information. Failing to do so can result in a long-term risk, where any breach may expose far more than just current client data. This can lead to a more significant and complex remediation exercise, as well as substantial costs, both monetary and reputational. In Latitude's case, the breach cost them a staggering $76 million, not to mention the impact on the individuals whose data was stolen.

The challenge of disposing of legacy data is no easy feat, given the intricate web of business processes, systems, and regulatory environments that dictate data retention. It becomes even more convoluted when companies have grown through mergers and acquisitions, often inheriting legacy systems and databases with poorly governed data.

Addressing this issue is not just a priority; it's an imperative. Regulatory and public expectations are on the rise, and the ever-evolving landscape of cyber incidents demands that companies no longer ignore this ticking time bomb.

Dealing with data disposition necessitates a structured approach that encompasses all aspects of the data lifecycle. This includes data ownership and governance, regulatory requirements, business strategic needs, as well as processes, systems, and data storage pools. Businesses should also consider embedding data disposition into new systems and processes as part of a Privacy By Design framework.

So, what steps is your business taking to tackle this challenge? Are you fully aware of the risks that old data poses? If not, it's time to act. Understanding your risk is crucial. If you need assistance in navigating this landscape, feel free to reach out. Your data's security is your business's security. 💼🔐 #DataPrivacy #DataDisposition #CyberSecurity #PrivacyByDesign