FTI Consulting Study Reveals Seven Recommendations to Address Data Security Risks
Fortune 1000 Corporations Share Insights for Information Governance Programs
Washington, D.C., March 1, 2017 — FTI Consulting, Inc. (NYSE: FCN) today announced findings from its Technology segment’s 11th Advice from Counsel study of e-discovery and information governance ("IG") trends, which revealed key themes that can help organizations support the modern workplace while keeping data secure and retrievable for legal or regulatory needs.
The report shares tactical recommendations from Fortune 1000 corporations in various stages of IG policy implementation, all of which are facing data security challenges. When asked how to create an IG framework that protects data while staying adaptive to the rapidly evolving regulatory requirements, respondents identified multiple key themes. From determining first steps to preparation for the General Data Protection Regulation ("GDPR") in the European Union, the report provides corporate compliance and e-discovery professionals with experience-based advice.
Highlights from the study include key recommendations such as:
- Establish a Roadmap: One-third of respondents recommend conducting a data assessment to help focus the development of an IG program.
- Prioritize Data Remediation: Ninety percent of respondents do not know how much data they are managing and are frustrated with runaway data volumes.
- Leverage Opportunities During Microsoft 365 Migration: Porting data from legacy systems to new cloud applications provides corporations with a unique opportunity to hone IG and e-discovery processes.
"Any one of the practical steps suggested by the participants can better position corporations in securing their most sensitive data," said Jake Frazier, a Senior Managing Director in the Technology segment at FTI Consulting and Head of its Information Governance & Compliance Services ("IG&CS") practice. "Although there is no one-size-fits-all approach to protecting your company from data breaches or ensuring regulatory compliance, the Advice from Counsel study demonstrates actionable recommendations from proactive organizations that are realizing common benefits."
About the study
For the past nine years, FTI Technology has partnered with Ari Kaplan Advisors to publish the annual Advice from Counsel study, a quantitative and qualitative view into e-discovery best practices for corporate counsel. The study was conducted through phone interviews with 33 Fortune 1000 companies. Of this year’s participants, 100 percent develop and implement compliance policies and processes, while 78 percent select, implement or manage information governance software and service providers. All interviews are conducted under the condition of anonymity.
About Advice from Counsel
Through in-person events, virtual meetings, webcasts, surveys and reports, Advice from Counsel helps e-discovery leaders share ideas and advice with peers in an open and collaborative forum. Begun in 2008 as an annual survey and report on top e-discovery trends, Advice from Counsel has evolved into an interactive community of e-discovery professionals working to strengthen the people, process and technology at the core of e-discovery.
About FTI Consulting