Dumping data to mititgate risk: LegalTech panel
Greg Clarke, HPE; Mark Cowing, Shook, Hardy and Bacon; Michael Simon, Seventh Samurai; Barclay Blair, IG Initiative
The advent of free, or very inexpensive cloud storage, is presenting organizations with the dilemma of what data to save and what to ditch in order to both save money and mitigate risk.
On the one hand holding the data forever may not cost much, but there is always the risk that the stored data could be stolen or used against a corporation causing a problem that could potentially cost it millions of dollars, the panel at LegalTech 2016's Ditch that Data to Mitigate Risk and Reduce Legal Spend told its audience.
To help figure out what to keep and what to toss the idea was broached of adding a new addition to executive boards who has a foot on the tech and legal side of the problem.
Barclay Blair, founder and executive director of the Information Governance Initiative said making the decision is tough because companies like Google and Apple want individuals to save their data, but this is an urge that has to be fought off. He suggested corporations need to create a new C-level executive position to handle data elimination.
“We need someone to own this problem,” Blair said.
Mark Cowing, Partner with Shook, Hardy and Bacon, agreed saying the person should bridge the gap between legal and IT who can help decide what information can be eliminated.