Data management regulation: Your company needs an up-to-date data/information management policy

Over the next 10 years, the intelligent use of data will become one of the greatest competitive advantages a company can possess. At the same time, the toss or mishandling of data/information is one of the bigger risks facing modern businesses. As consumers become increasingly aware of security issues, and of the value of their data, data/information policy is moving away from the 'gather-with-consent' approach toward a model that holds the business accountable at each stage of the process. This fundamental shift in practice will need to be reflected in the data/information management policy of the business. Yet, many companies lack up-to-date data/information policies and few recognize the growing influence of the European Union on the manner of data/information handling. This installment of Business Law Et Ethics Corner seeks to assist in the development of new policy by explaining key legislative and policy initiatives in both the United States and the European Union, and by making data management policy recommendations. (C) 2013 Kelley School of Business, Indiana University. Published by Elsevier Inc. All rights reserved.