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Over-Preservation Myths & Information Economics

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David Wallack, General Counsel and Director of NightOwl Discovery, discussed the increasing risk that comes with maintaining too much data and the importance of information-lifecycle governance during his presentation at the 2014 Chief Legal Officer Leadership Forum in Chicago on Sept. 17. In his presentation, Wallack noted general counsels can leverage big data in a number of ways.

According to Wallack, preserving data can be difficult, but general counsels need to understand exactly when they must hold onto data. In addition, Wallack noted general counsels need to learn about big data so they can fully leverage it and bolster their efficiency. By doing so, Wallack pointed out general counsels could avoid a variety of problems down the line: “It is imperative that the legal departments of organizations are aware of big data because companies are going to increasingly rise and fall based upon their ability to analyze and drive value out of it.”

Wallack also noted discovery matters are excellent benchmarks of record-retention policies. With information-governance lifecycles, Wallack said legal departments can effectively store and manage their data: “You can reduce costs by transferring eroding data that’s actually losing context and increasing in risk over time to cheaper-tiered storage methods, while eliminating data that has no value and has lost all of its context. At the same time, you can apply analytics and predictive technologies on incoming data to help categorize that data as it floods in.”

- See more at: http://www.argylejournal.com/general-counsel/2014-chief-legal-officer-leadership-forum-david-wallack-general-counsel-director-nightowl-discovery/#sthash.EQOqTM52.dpuf

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Over-Preservation Myths & Information Economics

  1. 1. Over-Preservation Myths & Information Economics © 2014 NightOwl Discovery 1 Argyle Conference September 17, 2014
  2. 2. © 2014 NightOwl Discovery 2 Why do we preserve data? Retain Data Subject to Legal Hold Regulatory Requirement Business Value
  3. 3. © 2014 NightOwl Discovery 3 Your data breakdown. Regulatory 5% Legal Hold 1% Business Value 25%
  4. 4. © 2014 NightOwl Discovery 4 What’s in the 69% Personally identifiable information HIPPA violations Financial information Valuable, but redundant data Useless email
  5. 5. What will it cost if we don’t have it, but we’re required to keep it? © 2014 NightOwl Discovery 5
  6. 6. What will it cost if we have it, but we’re not required to keep it to begin with? © 2014 NightOwl Discovery 6
  7. 7. The problem: your data is growing…exponentially. © 2014 NightOwl Discovery 7 4 terabytes per site/per day of video BIG DATA 15 pedabytes of new information created daily 12 terabytes of tweets 5 million financial trades per second 500 million call records daily
  8. 8. Information value erodes over time, risk does not. © 2014 NightOwl Discovery 8 Risk-to- Value Gap Cost-to- Value Gap Ris k Cos t Valu e
  9. 9. © 2014 NightOwl Discovery 9 Quantification of risk – the tipping point. Risk not been reduced by keeping all data – it has increased materially. The exposure and cost to produce vintage data has over-taken the risks of sanctions and settlements. 0.05% of vintage data is $13B in eDiscovery cost exposure – a material financial risk.
  10. 10. Has the mission to keep 1% made legal departments the primary drivers of organizational risk? © 2014 NightOwl Discovery 10
  11. 11. © 2014 NightOwl Discovery 11 The canonical 3 v’s of big data. First published in 2001 by Doug Laney of the Meta Group. Described these as “definitional qualities” specific to Big Data. Information lifecycle governance can directly improve the ability to handle these challenges. Volume Big Data Velocity Variety
  12. 12. © 2014 NightOwl Discovery 12 Clear benefits for all ILG stakeholders. Together ILG and Big Data creates value for all stakeholders: Manage data volumes Automate record declaration Faster, more accurate analysis despite variety and silos Compensate for veracity Improve derived value
  13. 13. © 2014 NightOwl Discovery Thank you. 13 For additional info, please contact: David Wallack General Counsel and Director dwallack@nightowldiscovery.com 612-337-0448

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