GDPR and MiFID II-Compliant Archiving
Navigating the legalities of data archiving is becoming more complex with regulations such as the GDPR and MiFID II. Data privacy and protection laws have standardized how organizations approach archiving to ensure compliance. So, the big question is how to stay GDPR and MiFID II compliant when archiving. We’ll provide practical guidelines and a checklist to ensure your archiving practices uphold legal standards. GDPR that impact digital archiving and how your archiving solution should address these challenges. Understanding the Landscape Archiving, one of the most fundamental components of data management, stands at odds with the principles of GDPR due to historical inconsistencies in data retention policies and technological limitations. GDPR, with its harsh requirements for data minimization, access controls, and the right to be forgotten, creates a challenge when archiving digitally. Similarly, MiFID II, with its text archiving stipulations, presents specific challenges and opportunities within the financial sector. Why Traditional Archiving is Often Non-Compliant Traditionally, email and data archiving solutions were not designed to manage data in accordance with GDPR and MiFID II requirements. They are built for data hoarding, not data minimization. Their inflexible structures often lack the granular access controls and deletion mechanisms now mandated, making them unable to support the needs of modern privacy and financial regulations. GDPR Retention Period: How Long Is Too Long? One of the most challenging aspects of GDPR compliance is determining the appropriate retention period for different data types. The regulation states that data must be kept only as necessary for the purpose in which it was collected. GDPR doesn’t prescribe specific time limits for data retention. Instead, it mandates that data should only be kept for as long as necessary for the purpose for which it was collected. Navigating the GDPR Compliance in Archiving Your solution must have several critical features to achieve GDPR compliance in archiving. Robust security measures are necessary to protect personal data from unauthorized access, alteration, disclosure, or destruction. This requires implementing modern encryption methods, such as multi-factor authentication, secure data transfer protocols, and access controls. These measures protect data and fulfil the accountability principle under GDPR by demonstrating that your organization takes data protection seriously. Moreover, encryption and pseudonymization help secure data by making it unidentifiable without additional information kept separately. By doing so, businesses can reduce the overall risk associated with data processing. Data Minimization and Retention Automatic retention policies and granular access controls are central when managing GDPR-compliant data. They allow you to set the duration of data retention and restrict access to personal data within the archive to those with a legitimate need based on the principle of least privilege. The above must be maintained in a comprehensive Record of Processing Activities (ROPA). This is a requirement of the GDPR and serves as an essential tool for accountability and assessment. ROPA documents must contain detailed information about all processing activities and be made available to supervisory authorities upon request. To ensure ROPA compliance: Log all processing activities, regardless of scale Regularly update ROPA to reflect changes in data processing practices Ensure ROPA is easily accessible for audits and inspections Your archiving system should be a skilled navigator for the individuals seeking their data. It should enable simple search and retrieval of archives and export data in a format easily handed from one system to another, meeting the navigational requirements in GDPR Articles 15 and 20. Right to Delete Data One significant area of vulnerability for many organisations is email archiving. To comply with GDPR, email archiving solutions should be able to promptly provide users with access to their data and the ability to delete personal data securely. Your archiving system must provide a secure means of deleting data according to your retention period. It should be able to delete data beyond recovery while keeping a record of deletions (as ROPA defines) that acts as your compliance ship through potential audits or claims under the right to be forgotten. Digital Fortification To protect data against the storms of unauthorised access and accidental loss, your archiving solution should offer robust encryption for data in transit and at rest; this includes regular backups that ensure data integrity and protection against loss, intrusion detection and prevention systems to warn of approaching security threats. To fully integrate security into your business, you should consider implementing the following: Involve data protection experts Integrate necessary safeguards into operational processes Regularly test and evaluate systems for privacy vulnerabilities Educate staff on privacy principles GDPR Compliance Auditing As mentioned, your archiving system must be able to maintain detailed records of all data processing activities — an audit trail that effectively serves as the logbook of your compliance journey. Conducting a thorough data audit is the critical initial step towards compliance. An audit involves identifying all personal data within your business, understanding where it resides, how it’s being used, and who has access to it and determining what needs to be archived and what doesn’t. This step serves two crucial purposes. First, it facilitates transparency within your organisation, ensuring everyone knows the data they handle. Second, it allows businesses to assess how they’re currently handling and protecting data against the stringent requirements of GDPR. An effective data audit should cover the following: Data type and category Data flow and access Justifications for processing Data security measures Process for data erasure Even with the most robust systems, a single human error can expose an organisation to compliance breaches. Your team is your frontline defence in maintaining GDPR and MiFID II compliance. Regular training and awareness programs for employees are therefore critical. Training your team should involve understanding the regulatory environment and their responsibilities in handling data. It should also include recognising potential breaches and how to report them. Regular compliance assessments should include periodic reviews of data protection policies and consistent monitoring of your company’s compliance measures to ensure that your team is updated on everything. Mapping
Digital Archiving: Six Advantages of Using It
In the preceding few years, technology has prompted businesses to switch to electronic formats for documents and procedures in the past few years to ensure information security and make things more accessible. How? By putting digital archiving into practice. Are you aware of what it is and why using it has advantages? Read this post to find out now. What is Digital Archiving? You can think of digital archiving as your paper archive’s replacement because it serves the same purpose of storing and protecting documents created in digital format. This can also be called a file, the same as a data unit that can be used with installed computer programs. The primary requirements that digital archives address are the building and the availability of a single location for the storage and consultation of all kinds of digital information, Such as information that makes data classification easier, such as data, documents, photos, and videos. This can assist in preventing information duplication, whose primary goal in businesses is to save money and time by using a creative substitute for the distribution of documents. How does Digital Archiving Work? The following are some quirks that a digital archive needs to have: Ensuring readability, authenticity, and integrity Digital signature verification and maintenance Technology monitoring and format conversions Controlling the duration of retention An appropriate digital archive is essential to the success of digital transformation. The digital archive will support you in managing the retention periods for the business’s vital records, or critical records, like contracts and customer correspondence, and also in proving the legal validity of your digital information. Following these simple guidelines makes it possible to convert physical files to digital format while maintaining non-discrimination: Select the data that needs to be changed. Digitize data from documents or photos using scanners or cameras. Sort and index the content to facilitate easy searching and sharing. Put the data in an electronic archive. To ensure that all electronic documents are legitimate and compliant for specific procedures before the authorities, it is also crucial to take into account the compliance principles that are in place in each nation. For instance, when digital records from the accounting department are utilized in Europe for audits, They must have an electronic signature that the Public Credit System and the Treasury have approved and acknowledged. Some even require watermarks for the safety of the file. How Do You Preserve Digital Archives? Digital archive preservation is a challenging endeavor. There are numerous approaches and methods for applying it. You begin by assessing your current data , either it is on a device or a cloud server. Then you categorise your data based on its format whether documents, images or videos. Also figure out that the data is relevant, it is better to discard if it isn’t. Next select an archiving method.you can choose between active archiving and passive archiving depending upon whether you access it regularly or less often. Now its time to implement archiving procedures. Start by developing “archiving policies”, these policies may enlist clearly what needs to be archived, and also the access control of this data. Next you need to deal with metadata for effective indexing. After the data has been archived it is better to constantly monitor and audit your archives regularly to make sure the integrity and compliance of data. If the archive grows you need to monitor your storage capacity and always plan expansion. What Are Digital Archives? Digital information, including documеnts, photos, vidеos, and audio filеs, is storеd and prеsеrvеd in еlеctronic rеpositoriеs callеd digital archivеs, unlikе traditional archivеs that rely on physical storagе mеdia likе papеr, ink, and film, digital archivеs gеnеratе and managе digital contеnt collеctions using computеr hardwarе and softwarе. Why should most businеssеs consider starting е-archiving? E-archiving, or еlеctronic archiving, rеfеrs to thе procеss of storing and managing digital documents and rеcords in a sеcurе and organised manner. Thеrе arе sеvеral compеlling rеasons why businеssеs, rеgardlеss of thеir sizе or industry, should consider adopting е-archiving: 1. Efficiеnt Documеnt Managеmеnt Businеssеs can storе, rеtriеvе, and organizе documеnts morе еffеctivеly with е-archiving—digital archivеs savе timе and еffort by simplifying thе catеgorization, sеarching, and accеssing of information. Cost Savings Expеnsеs associatеd with storagе spacе, printing, and physical documеnt managеmеnt arе high with traditional papеr-basеd archiving. Sincе digital storagе is oftеn lеss еxpеnsivе and rеquirеs lеss physical spacе, е-archiving еliminatеs thеsе еxpеnsеs. Adding Qualified Electronic Archiving (QeA) to the Equation Thе procеss of kееping еlеctronic rеcords and documеnts in a way that guarantееs thеir authеnticity, intеgrity, and long-tеrm accеssibility is known as еlеctronic archiving. Many organizations usе bеst practicеs and standards for еlеctronic archiving, likе ISO 16363 for trustеd digital rеpositoriеs and ISO 14641-1 for intеropеrability. Bеnеfits of Qualifiеd Elеctronic Archiving (QеA) Benefits Description Lеgal Compliancе makes sure that legal and regulatory requirements are met, giving documentary integrity a strong base. Data Prеsеrvation Facilitates long-tеrm prеsеrvation of еlеctronic rеcords, safеguarding against data loss or corruption. Efficiеnt Rеtriеval Strеamlinеs thе rеtriеval procеss, еnabling quick and еasy accеss to archivеd information. Risk Mitigation Rеducеs thе risks associatеd with unauthorizеd accеss, tampеring, or manipulation of digital rеcords. Enhancеd Documеnt Intеgrity Establishеs a robust framеwork for maintaining thе authеnticity and rеliability of еlеctronic documеnts. Advantages of Digital Archiving Thеrе arе sеvеral bеnеfits to using digital archivеs, which wе will focus on hеrе: 1. Homogеnization of Documеnt Storagе and Archiving Finding information more quickly and еasily can be achiеvеd by looking through only one archivе for multiple usе casеs compared to various sourcеs. Each of the following usе cases has a suitable solution: Vеrification and Maintеnancе of Elеctronic Signaturеs. Documеnts with rеtеntion pеriods bеing archivеd. prеsеrving information and rеcords from rеtirеd platforms, including AS/400, SAP/R3, Pronto, SharеPoint, Documеntum, and morе. Transfеrring data to lеss еxpеnsivе storagе whilе maintaining compliancе from еxpеnsivе cloud storagе (such as Salеsforcе or SharеPoint onlinе) Archiving for modеrnization and systеm consolidation Scan archive Archivе
What is Digital Archiving, and How to Do It: An Implementation and Significance Guide
Ever since the beginning of time, data preservation and management have been a constant process in one way or another. Now, with the digital era, this task has become more accessible, simpler, and at the tip of fingertips. These are indeed crucial factors considering the significance of information. With the advancement of technology and the internet and digital documents taking over, digital archiving has become a necessity. But what is Digital Archiving in detail? Some say it’s a tale of adaptation; some agree it’s transformation. However, everyone agrees that e-archiving is responsible for preserving data for easy accessibility while preventing any loss/corruption of valuable information. Since the creation of the Document Management System (DMS) in 1999, it hasn’t been used for its general purpose. It can be noted that currently, many cases that use DMS for achieving require more attention for effective results. Therefore, replacing a DMS with a digital archiving solution would ensure meeting the challenges of long-term digital preservation – boosting accessibility and ensuring information security. This blog is a comprehensive guide to the answer to the above question what is digital archiving? Let’s explore its purpose and why it spreads far across the digital landscape. Walk with us in this dynamic realm of digital preservation. Definition of Digital Archiving If we start with the basic digital archive definition, it is a process of preserving and organising digital data for long-term access and retrieval. Simply put, it’s a substitute for the paper archive, involving a systemic storage of electronic records and information. I hope the question “What is digital archiving?” E-archiving includes building a structured approach to store digital records while maintaining integrity securely. This process is achieved by thoroughly implementing tools and strategies best suited to modern world requirements. In simple words, a digital archive not only uploads and saves a file on your device but is a means of meeting the demands of this digital era. Objectives of Digital Archiving So we have understood what digital archiving is; now let’s discuss what raised the need for digital archiving and the basic purpose behind it. E-archiving holds various significant objectives to underline its importance in the digital era. Starting with a primary aim, i.e., ensuring long-term data preservation while preventing data from corruption. Data integrity is crucial, but how can it be obtained? This is achieved by adding checksums; these checksums help maintain data integrity. The second core objective is to make the data accessible for efficient retrieval. Digitalising physical assets helps in cost saving. Furthermore, recovery is also prioritised. Importance of Digital Archiving The importance of digital archiving cannot be over or understated. The following key points highlight the significance of e-archiving. 1. Safeguarding the Digital Realm While googling, you might come across information from past years. This happens because of digital archiving. 2. Data Integrity Data archiving systems are known for their robust techniques that prevent data loss, corruption, or unauthorised modification. Therefore, data integrity is the main focus here while maintaining accuracy. 3. Efficient Retrieval With files being digitised, retrieval of data has become easier than ever. This feature helps in improving productivity and helps in decision-making. Overview of the Article Preservation and management of information is essential in today’s world. This article is a roadmap highlighting the importance, definition, objectives, and key components involved in e-archiving. We know despite the consistent innovation, data remains vulnerable. With information at stake, we risk losing small bits of our lives; however, these small bits can cause severe damage in the case of professional data. Talking about data, what is data? We’ve grown up learning the basic definition of it being raw facts and figures, which transform into valuable information; it can be in any form or type. When there is data, there is a need for archiving. For anyone new to the concept and who wants to adapt to the new technology, this article is the right place for you! Starting with the basic definition of ‘what is digital archiving,’ it further delivers enough insight into its cornerstones and significance. Get a handful of tips on setting your strategy for archiving and the steps for data preservation. Why does Digital Archiving Matter? E-archiving holds great significance in today’s digital world. It holds a significant role in storing digital information, whether personal or business records. Let’s stumble upon its evolution and get a deep understanding of its mechanism by intriguing its key components. Evolution of Archiving The storage of important data or documents has always been a requirement of humanity. Storing important information from parchments, pebbles, and clay tablets to paper documents is the revolution leading now to the globalisation of electronic archiving. E-archiving is the blessing of modern-day digitalization. The shifting of the real to the virtual world, i.e., currency in the form of cryptocurrency, and in the future, with the advent of the Web 3.0 metaverse, is going to lead the digital world. Just like this, the replacement of paper documents with electronic archiving has made storage, security, and preservation of our important data much easier. What’s the mechanism behind it? It’s crucial to understand the mechanics and workings behind digital archives, so it will be helpful for you to trust and use digital archives without worrying about data security. The core importance of using digital archives is ensuring the accessibility of digital information, which can be achieved by using dedicated software and updated storage devices. The first step is the gathering of accurate data and then categorising it further for better working. This step is important as extracting metadata and plausible information from data increases retrieval accessibility. Now comes the data storage. All safety measures that are required to preserve data integrity are the sole purpose of using advanced algorithms. Regular cycles of integrity checks are also included. The data being stored is coded and decoded from sender to receiver to confirm the security. This encrypted form of data
5 Ways Archiving by Design Can Help You Save Money.
Are you tired of high costs associated with data storage, backup, and disaster recovery? Are you struggling to comply with legal and regulatory requirements while keeping your IT budget under control? It’s time to consider “Archiving by Design”! This powerful strategy can help you achieve significant cost savings in 5 key areas: Data Storage: By only storing the data you need, you can free up space and reduce the amount of fast and costly storage you need to purchase or lease. Backup and Disaster Recovery: By reducing the size of your data storage, you can also lower the cost of your data backup and disaster recovery. IT: By reducing the amount of data you need to store, you can also reduce the number of licenses you need to purchase. Archiving by design can also make it easier to integrate information into new target systems, and if systems can be entirely decommissioned, the cost savings become even more substantial. Legal and Compliance: Archiving by design can help you reduce the cost of legal compliance, by making it easier to produce the information you need for audits. Migration: By only migrating the necessary information, you can save time and money while still ensuring that you have access to the data you need. Don’t let the high costs associated with data management hold your business back. Implement “Archiving by Design” today and start seeing real cost savings!