The rule of thumb for storing business records in this dawn of strict government regulations: When in doubt, leave it... in. (Hey! Theres no poetry in compliance.)
That was the message of a former Securities Exchange Commission (SEC) chairman and a storage networking research analyst today during a Webcast, sponsored by Veritas Software Corp. (Nasdaq: VRTS), on the challenges of compliance. When keeping business records to comply with federal regulation, never assume anything is unimportant. That goes for email, instant messages, and text pages -- which all can be considered business transactions and even evidence for investigators under new laws.
If you have the slightest question about it, store it, says former SEC chairman Arthur Levitt.
So while negligent CEOs and directors at companies like Enron caused the mess that brought about regulations mandated by the Sarbanes-Oxley Act (SBO), the Patriot Act, the Graham-Leach-Bleley Act, and other new laws, much of the burden of compliance will fall to IT. Specifically, storage administrators.
These regulations set new requirements for companies to comply with, regarding their essential business data. The laws govern the process and methods organizations use to create, store, retain, and access records. It all adds up to storing more information longer, and with greater risks for failing to do so.
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