Is the increase in the volume of data being stored costing companies dearly?

A recent report has highlighted the increasing risk businesses are facing by not being able to retrieve critical data. Changes in the way people work, advances in technology and the availability of low cost data storage capacity has led to a dramatic increase in the amount of data companies are retaining. It is estimated that the rate of growth of corporate data is more than 40% per year and as this figure rises, so does the intolerance of the regulators when it comes to inadequate disclosure of documentation.

Creating and storing data is an easy task for most organisations, the sting, however comes in the organisation and retrieval of it. Many companies freely admit that their main concerns lie with third party hosting (cloud computing) and mobile technology, both making it difficult to control one’s own data.

As the costs of non-compliance rises, businesses are desperate to seek a solution to this problem and it is predicted that a new role will be created within an organisation to manage the way that data is produced, stored and retrieved. A job title such as ‘Chief Information Officer’ would most likely be adopted. In other words, this position would provide an insurance against heavy fines and legal costs and in the current litigious times we live in, can be easily justified.

For advice and guidance on the electronic storage and retrieval of information, please call The IPC Group on 08081 45 46 47.