Revamp your information lifecycle management strategy for endless data

Is your organization equipped to effectively manage information-related assets? An information lifecycle management strategy to track data assets from their creation, use, storage and eventual demise is no easy feat -- especially in the digital age. Modern businesses are responsible for endless amounts of data, requiring IT leaders to constantly revise information lifecycle governance plans due to evolving GRC needs.

During our April #GRCchat, SearchCompliance asked participants what information governance challenges have emerged as data continuously flows into organizations.

Q1 With modern biz responsible for endless data, how do compliance and risk management needs create info governance challenges? #GRCChat

— SearchCompliance.com (@ITCompliance) April 17, 2014

SearchCompliance Site Editor Ben Cole kicked off the discussion by suggesting that the more data companies retain, the more governance problems they will see pop up -- and offered some possible solutions.

A1 More data=more problems, especially from a regulatory compliance standpoint. Strict retention/deletion policies a must #GRCChat

— Ben Cole (@BenjaminCole11) April 17, 2014

A1 (cont) compliance requires strict info management rules- and they sometimes overlap #GRCChat

— Ben Cole (@BenjaminCole11) April 17, 2014

It's simple: With more data on their plates, IT organizations are forced to beef up information management, enlist stricter data retention policies across their company and encourage periodic deletion with specific company needs in mind. Let's be realistic, not all data should be stored forever. This led to SearchCIO Managing Editor Rachel Lebeaux's comment:

@ITCompliance A1 Many orgs want to retain ALL of their data (plus the kitchen sink). Unrealistic to pay to store/analyze all of it. #GRCchat

— RachelTT (@RachelatTT) April 17, 2014

SearchCIO Editorial Director Christina Torode asked the crowd about the cloud's influence on information lifecycle governance:

@CTorodeTT yes no doubt increasing cloud use but companies still should be concerned with GRC info governance #GRCChat

— Ben Cole (@BenjaminCole11) April 17, 2014

Successful information management requires a clear understanding of data asset priorities. Massive amounts of mobile and machine-generated big data are coming in -- and not necessarily going out. IT teams must contemplate ranking information assets based on its level of importance and then govern from there:

@LTucci that would be a good start- and get rid of info you don't need anymore- what you no longer have can't hurt you #GRCChat

— Ben Cole (@BenjaminCole11) April 17, 2014

@LTucci yes very true- definitely have to be careful about what you get rid of, but like @RachelatTT said can't keep everything #GRCChat

— Ben Cole (@BenjaminCole11) April 17, 2014

Is your IT security team ready to decide which information assets to hold close and which to expire? What info governance challenges are created by new information-related compliance and risk management needs? Sound off in the comment section below.

Our next #GRCchat will be held May 15 at 12:00 p.m. EST. Follow @ITCompliance on Twitter to learn about the topic when it's announced.