Over the last few years, the potential of file analytics to transform the observance of law has become very apparent to anyone within the legal sector and indeed outside it. However, up until only recently, it was extremely unclear as to whether or not organisations were utilising these new technologies. In response to this, the Coalition of Technology Resources for Lawyers otherwise known as CTRL, commissioned research into the use of data analytics within the in-house legal departments in six cases.
In the wake of the Talk Talk data breach in October this year, many organisations have become concerned about whether the way they handle data in-house is sufficient to protect them from something similar. While we’ve seen plenty of high profile attacks on businesses like Talk Talk that have dominated the news in recent years, it’s worth remembering that all data has value and hackers are beginning to turn their attention to the smaller business, which may have less in the way of security and information governance.
How The Disestablishment Of The ‘Safe Harbour’ Agreement Will Affect Information Governance For Companies
The “Safe Harbour” agreement is an agreement that was made between the EU (European Union) and the US in 1998 regarding data protection. The agreement was struck in order to forbid personal data from being transferred to countries outside of the EU that didn’t meet the EU’s “adequacy” standard of protection of privacy. Both the United Nations and the United States deem the personal privacy of their residents a priority, but they both take different approaches in reaching this goal.
There are many elements to an effective information governance strategy, which keeps you accountable for the data that you’re managing, as well as implementing a clear plan for how data is handled from the beginning to the end of use.
April saw the beginning of the European Union’s reform on its regulations surrounding data protection. Although these changes won’t be in place until at least 2017, they are set to have a significant impact on the way companies deal with the data that they have. This applies particularly to updates concerning the digital management of data. Since the regulations were last updated in 1995, there’s been substantial growth of data being stored and used in a digital format, as well as the need to increase privacy levels for those who the data belongs to.
Data management and information governance should be a central part of every company’s policies. There are a few reasons why this is the case, including benefits for your company, customers and creating a more streamlined working environment around the data that you have.