Guest Post- Owen Burns: Survey Finds Law Firms At Risk Of Drowning In Their Own Data

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"Companies need to be prepared when it comes to data storage and retrieval, and should have formal processes to ensure that their information governance policies are up-to-date and in use."

Good Morning Folks,

Today I am sharing a great article sent to me by a friend, legal IT expert and reader, Owen Burns, who originally published this piece in Forbes.  Amazing when you think about the importance and role of IT in even the smallest organization. And all the details that need to be managed and proactively strategized. (btw, we can help)

Thanks to Owen for articulating GREAT insights.

==> Survey Finds Companies At Risk Of Drowning In Their Own Data By Owen Burns

The world is in the midst of a massive explosion of online information, with compounding data volume, new forms of media, and seemingly unrestricted speed of sharing information. Every 60 seconds 208 million emails are sent, 278,000 tweets are posted on Twitter, and 571 new websites are created—and those numbers are increasing constantly. Big data evangelists suggest that 90% of the world’s data has been created in the last two years, and David Kessler of Norton Rose Fulbright noted in a recent webcast that this trend shows no signs of slowing. This massive influx of information can be overwhelming, but getting a handle on it is an essential element of basic corporate record keeping. Data management experts talk about controlling the “3 Vs”—volume, velocity and variety—but this is easier said than done.

It is perhaps unsurprising, then, that most companies appear to be struggling with data management. At least this is what Control Risks and the Economist Intelligence Unit found in a recent survey of over 300 companies.

Generally speaking, all of the companies polled had gaps in their data management and information governance practices. One of the top challenges executives face is how to collect responsive data during an investigation. Some 56% of respondents indicated that the challenges associated with actually collecting data would have an impact on their organization over the next two years. Compounding the challenge is the fact that new channels for creating, storing, and distributing data are continually being developed. There are also issues in regard to accessing data on employee-owned devices; the laws surrounding data privacy are very complex and may limit access to vital information. This issue is further complicated when operating in multiple jurisdictions, each with a different set of laws. It’s no surprise, then, that 67% of those polled believe the impact of data protection laws on their companies would increase in the next one-to-two years.

Document management systems pose their own set of challenges. When asked to describe their system, 38% of survey respondents said their data was very accessible. The rest said that accessing specific data would require some time and effort. Of course, many data searches are time sensitive—this is particularly true in an investigation, since the risk for data spoliation increases as more time elapses.

A shortage of knowledge is another challenge. Laws around transferring data—particularly across national boundaries—are notoriously complex. The survey assessed corporate departments’ knowledge of data transfer laws and found that while legal and compliance departments scored high, those responsible for managing day-to-day operations did not. IT groups had particularly low knowledge of legal issues: 77% of respondents said their IT department had little or no legal knowledge of data transfer issues.

Departmental level of expert legal knowledge regarding data transfers.

When companies are faced with an investigation, or have some other need for sorting through their massive data stores, it invariably helps to have a plan. Almost a third of those surveyed did not. When they are unprepared, companies often end up with massive amounts of useless data, increasing the time and energy it takes to process while also increasing the associated costs to produce information. But even companies that have plans in place often find that they collect too much irrelevant data in their searches—particularly if their data management programs were lacking to begin with.

Companies need to be prepared when it comes to data storage and retrieval, and should have formal processes to ensure that their information governance policies are up-to-date and in use. Many companies see a return on investment in a proactive data management system in just a few years, but it starts with the decision to close the gap between policy and process. The choice is simple: prepare upfront for an investigation or pay heavily when you are caught off-guard.

If you want a FREE consultation to see how FSO can rid you of IT headaches and free up expensive data storage space now cluttered with paper records, call me directly on 212-204-1170.

Have a GREAT Day. Love Life.

I'll be a seeing you soon.

Mitchell D. Weiner

Chief Happiness Officer  

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Owen Burns is a senior consultant for legal technologies at Control Risks, an international political, integrity and security risk consultancy.