dcsimg
 
 
 
 
 
 

How Missing Emails Can Cost Companies Millions

 
 
By Karen A. Frenkel  |  Posted 05-20-2016 Email
 
 
 
 
 
 
 
  • Previous
    How Missing Emails Can Cost Companies Millions
    Next

    How Missing Emails Can Cost Companies Millions

    Emails are a vital source of business records, but many IT leaders don't feel adequately equipped to meet compliance standards and may face fines after an audit.
  • Previous
    Email Is the Largest Source of Business Records
    Next

    Email Is the Largest Source of Business Records

    The majority of respondents indicate that between 5% and 50% of all their organizations' emails meet the criteria of business records.
  • Previous
    Email Compliance Remains a Challenge
    Next

    Email Compliance Remains a Challenge

    77% of information governance professionals say their organization faces challenges with email compliance. It is, therefore, the biggest compliance roadblock organizations face today.
  • Previous
    Classification Difficulties
    Next

    Classification Difficulties

    63% of organizations indicate that it is hard to classify, store and retrieve important emails for compliance purposes.
  • Previous
    Emails in a Haystack
    Next

    Emails in a Haystack

    47% of respondents say finding emails is the biggest challenge when they had must procure emails as evidence.
  • Previous
    Suffering the Consequences
    Next

    Suffering the Consequences

    23% of information governance professionals say their organization has suffered litigation, regulatory sanction or threat of litigation because of their inability to produce emails as records.
  • Previous
    Financial Exposure
    Next

    Financial Exposure

    One-third of respondents say the potential financial exposure of being unable to procure emails could be more than $5 million. More than half say the financial impact could be at least $1 million.
  • Previous
    Other Exposures
    Next

    Other Exposures

    In addition to the financial risk, respondents point to increased litigation risk, loss of business, and bad publicity as likely consequences associated with the inability to produce emails or other documents when needed.
  • Previous
    New, Business Friendly Solutions Needed
    Next

    New, Business Friendly Solutions Needed

    79% of respondents see the "Last mile" of compliance and information governance (the process of capturing, classifying and storing important documents and emails) as either important or very important.
  • Previous
    What Would Help?
    Next

    What Would Help?

    76% of respondents indicate that a single view and repository of email and business documents would benefit their business.
 

Enterprises that fail to properly manage email for information governance purposes can face catastrophic consequences, according to a new survey. Two recent examples: Scottrade was fined $2.6 million in 2015 because it could not produce important emails for an audit. Barclays faced a $3.75 million lawsuit in 2013 over its alleged decade-long failure to properly keep electronic records, emails and instant messages. Software companies harmon.ie and Gimmal conducted the survey, "When the Last Mile of Information Governance Goes Horribly Wrong: the Risks of Failing to Treat Email as a Record." One hundred information governance leaders, 65 percent of whom work for companies with 500-plus employees and 40 percent who are at the C-level and include compliance officers, participated. "Overlooking the role of business emails in information governance and compliance programs can be a costly mistake, and many enterprises are still struggling to get employees to embrace proper record-keeping," said Yaakov Cohen, harmon.ie's CEO. "The key to avoiding document chaos and complying with increasingly strict governance directives is to make the right thing the easy thing to do."

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
eWeek eWeek

Have the latest technology news and resources emailed to you everyday.

By submitting your information, you agree that cioinsight.com may send you cioinsight offers via email, phone and text message, as well as email offers about other products and services that cioinsight believes may be of interest to you. cioinsight will process your information in accordance with the Quinstreet Privacy Policy.

Click for a full list of Newsletterssubmit