TechNavigating the Data Deluge: Expert Tips for Deleting Data in the AI...

Navigating the Data Deluge: Expert Tips for Deleting Data in the AI Era

On March 16, 2024, at 11:00 AM

VentureBeat/Ideogram

VentureBeat/Ideogram

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Adapting to the Data Landscape

In the current business landscape, companies are in a prime position to utilize data in innovative ways. However, it is crucial for them to assess the type of data they retain and how they leverage it to steer clear of potential legal ramifications. Despite the rise of generative AI, organizations bear the responsibility of not only securing their data, particularly personal information but also strategically handling and removing outdated data that poses more risks than benefits.

Projected Data Growth and Impact

Forrester’s forecast indicates a doubling of unstructured data in 2024, partially fueled by AI advancements. Yet, with the changing data environment and the increasing expenses associated with breaches and privacy violations, a comprehensive data retention and deletion strategy is imperative.

Explosive Data Growth and Rising Breach Costs

The surge in data volume is matched by the escalating costs of data breaches and privacy violations. Recent hacks on critical databases such as Australia’s courts, a Kentucky healthcare firm, 23andMe, and major enterprises like Infosys and Boeing highlight the severity of these breaches. The average cost of a breach rose to $4.45 million in 2023, marking a 15% increase from 2020 according to IBM.

Given the risks associated with prolonged data storage, organizations need to establish policies for deleting obsolete data. While gen AI raises questions about retaining data for future use, the longer data is stored, the higher the chances of a breach or violations that may result in fines. A systematic evaluation of data usage and the benefits of a data retention strategy is crucial to mitigate such risks.

The Role of Obsolete Data Deletion

Companies are often compelled to delete outdated data to comply with stringent data protection laws that dictate the retention of personal data only for as long as necessary. Apart from reducing legal exposure, purging obsolete data can lead to lowered storage expenses.

Identification of Obsolete Data

Developing a data map that outlines data sources, types, storage locations, and applicable systems is key to distinguishing between obsolete data and valuable information that can continue to drive business operations.

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