Information Lifecycle

In the past, managing information mainly dealt with physical records and paper documents. Today, businesses face a more complex challenge of handling electronic data on various devices, along with physical formats. This includes all kinds of information, from its acquisition to its disposal. Ensuring robust management and security throughout this journey is crucial. This article explores the key aspects of information lifecycle management, covering policies, procedures, and infrastructure requirements that drive this process.

Understanding Information Lifecycle Management (ILM)

Managing the lifecycle of data and information begins as soon as the information is received, continues while it is being stored and processed, including when it is shared and archived and eventually deleted and/or destroyed. The lifecycle covers all forms of data and information, regardless of physical or electronic nature, across diverse storage locations and time periods, ensuring proper protection and security. Having robust ILM in place helps ensure that organizations are compliant with laws and regulations associated with data, metadata and information, as well as minimizing legal risks and data storage and maintenance costs. The ILM methodology allows information technology teams the flexibility to have different policies for various types of information throughout its lifecycle.

Defining Information Lifecycle Management

Organizations should ensure that the ILM strategy is aligned with business objectives, is embedded throughout the whole organization and incorporated into key operational procedures, processes, technology platforms and applications. Organizations should have an ILM policy in place that is informed by business objectives and aligned with the Security Triad: confidentiality, integrity and availability. A company’s information assets should fall centrally within the scope of the ILM strategy. The ILM strategy should have consideration for the broad range of information storage requirements, the many types of operating systems and storage platforms, as well as the resource allocation needs based on the value and criticality of the information to the business.

Is ILM a Business Requirement?

The need for having an ILM structure in place is clearly evident for the organizations within the financial services or insurance industries. However, most organizations should implement ILM policies for many important reasons, including:

• Ease of compliance with laws and regulations: mandatory compliance is far greater to adhere to when information is properly managed, validated and stored and regularly and periodically updated.

• Information tracking: information and data is being acquired at a greater volume today and held in storage for longer periods of time, increasing the challenges of maintaining this information. An ILM strategy will assist in tracking all data and information.

• Storage space is extremely valuable: having enough available space to store critical assets is every organization’s ongoing concern. The ILM strategy will help identify the most valuable information that needs to be stored and for what period of time, as well as less important information that may be taking up valuable space unnecessarily.

• Risk management: the ILM strategy helps reduce the storage of unnecessary information, which reduces the probability of unauthorized users or entities gaining access to confidential information.

• Improved agility: Enhancing agility is another advantage of information lifecycle management, as it facilitates fast responses to evolving business requirements. This is achieved by simplifying the retrieval and utilization of pertinent information exactly when it is required.

Information Lifecycle Management Strategy

Having a clear, robust, organizational-wide ILM strategy in place will ensure that companies understand how to treat their information and data. Key aspects of the ILM strategy include backup plans, static data maintenance, and understanding stored information. It ensures minimal business interruption during recovery, safeguards unchanging data, and identifies vital information.

Phases of ILM

The stages of the ILM process begin when the organization acquires the information and continues through to the retirement of the information. Each phase has a critical role for robust and secure management of information.

The following points provide a general description of what occurs at each phase of the information lifecycle:

• Acquisition: Organisations can obtain information and data in several ways, including by creating data or collecting information from external sources. The information may be acquired automatically or manually generated. Sources for this information include, social media content, client inputs and sales records. Day to day business operations can generate mass volumes of information that is then stored digitally.

• Classification: Any information acquired by the organization must be classified before being distributed or stored. The process of labelling information means the data will be easier to retrieve and protect more efficiently. Classification is critical in relation to adherence to compliance, risk management and information security.

• Storage and maintenance: It is imperative for organizations to precisely establish the storage locations for their information, outline backup timetables, uphold data maintenance, and ensure its security and accessibility through suitable measures. Most businesses utilize the cloud for information storage; however, often organizations prefer to host their information on their premises in order to have greater control over the security of their assets.

• Usage: During this phase of ILM, information is acquired and assessed. Organizations must possess a comprehensive comprehension of how information is disseminated among internal teams and external entities. This knowledge is essential for delivering optimal services while concurrently safeguarding the security and integrity of the information.

• Destruction or retention: The organization must have a clear understanding of the appropriate duration for retaining or disposing of specific information, considering legal requirements and regulations mandating the retention of certain data for predefined timeframes. Likewise, the timely disposal of sensitive information is imperative to avoid potential fines or penalties associated with noncompliance.

• Archive: Organizations must outline the archiving process and the hardware that will be employed for this purpose. Given the continual evolution of technology, businesses must thoroughly contemplate the information’s format and the technologies that will be harnessed. This careful consideration is necessary to ensure the preservation of information for the duration required to sustain seamless business operations.

Information Lifecycle Best Practices

To establish a robust ILM strategy, businesses must adhere to several best practices that can contribute to its success. These practices encompass a range of considerations, each playing a pivotal role in shaping an efficient and effective approach to information lifecycle management. By integrating these best practices into their strategy, an organization can significantly enhance the value and impact of their ILM efforts.

• Clear Policy Framework: Developing a comprehensive and well-defined policy framework is the foundation of a successful ILM strategy. This framework should outline the rules, guidelines, and procedures governing the entire lifecycle of information, from creation to disposal. Clear policies provide a consistent and transparent basis for decision-making throughout the organization.

• Stakeholder Collaboration: Collaboration among various stakeholders, such as IT, legal, compliance, and business units, is crucial. Engaging these diverse perspectives ensures that the strategy aligns with both operational requirements and regulatory compliance. It also helps identify specific needs and priorities unique to different departments.

• Data Classification: Implement a robust data classification system that categorizes information based on its sensitivity, value, and regulatory requirements. This classification serves as the basis for determining appropriate storage, access controls, retention periods, and disposal methods.

• Automated Tools: Leverage automation tools to streamline and enforce the execution of ILM policies. Automated processes enhance consistency and accuracy, reducing the risk of human error and ensuring that information is managed according to established guidelines.

• Regular Audits: Conducting routine audits will assist organizations in assessing the effectiveness of their ILM strategy. These audits help identify areas for improvement, ensure compliance with policies, and provide insights into changing information management needs.

• Continuous Monitoring: Implement a monitoring mechanism to track the lifecycle of information over time. This enables real-time visibility into how data is being used, stored, and shared, allowing for timely adjustments and refinements to the strategy.

• Training and Awareness: Foster a culture of information awareness by providing training to employees about the importance of ILM and their role in adhering to policies. Well-informed staff are more likely to contribute to the success of the strategy.

• Adaptability: Recognize that technology and business needs evolve. Organizations must regularly review and update their ILM strategy to accommodate new technologies, legal requirements, and shifts in business priorities.

• Data Privacy and Security: Organizations should integrate strong data privacy and security measures into their ILM approach. Safeguarding sensitive information from unauthorized access and breaches is a fundamental aspect of effective information lifecycle management.

By embracing these best practices, an organization can establish a robust ILM strategy that not only optimizes data management but also contributes to improved decision-making, compliance adherence, and overall operational efficiency.

Final Words

Information lifecycle management forms a crucial framework that applies to most businesses. As data grows, arranging and managing information becomes more important. This approach helps with processes, decisions, and keeping data safe, from start to finish. When businesses use clear rules, agile plans, automation, and best practices, they gain efficiencies and increase the probability of succeeding in today’s digital world. Information is no longer just data – it becomes a valuable asset when managed well. As we move into a data-focused future, effective information lifecycle management is a must for organizations, guiding them through changing data landscapes with agility and foresight.