Long considered a business asset that should be kept no matter what, data has become a liability for many companies.
Late last year, German authorities levied a fine equivalent to $17 million against real estate company Deutsche Wohnen SE for retaining data on tenants—such as payslips, references, and other credit information—when the data was no longer a business necessity, and for not having a proper data-retention schedule. The fine followed another penalty of almost $300,000 levied by Danish privacy authorities against Taxa 4x35 for keeping data—former customer phone numbers—past a reasonable retention limit.
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