What defines how long various types of data should be retained and when it should be deleted?

The data retention policy is crucial as it outlines the specific guidelines for how long different types of data should be kept and the appropriate timing for their deletion. This policy helps organizations comply with legal, regulatory, and business requirements regarding data management. By defining retention periods based on data types, organizations can ensure they retain important information for as long as necessary while also minimizing risks associated with data breaches and improper data handling.

This policy also often considers factors such as data sensitivity, the purpose of the data, and applicable laws that mandate specific retention times. For example, financial records may need to be retained for several years due to IRS regulations, while personal data must be deleted when it is no longer needed for its intended purpose.

Data classification, data governance, and data ownership, while related to data management practices, do not specifically address the timelines for data retention and deletion as clearly as a data retention policy does. Data classification involves categorizing data based on sensitivity and importance, data governance encompasses the overall framework of policies and processes for effective data management, and data ownership assigns responsibility for data stewardship but does not determine retention schedules.