Data Retention Policy

This Data Retention Policy outlines the guidelines for retaining and disposing of data within the organization.

1. Purpose

The purpose of this policy is to ensure that the organization retains data for the appropriate duration and disposes of it securely when it is no longer needed.

2. Scope

This policy applies to all employees, contractors, and third-party service providers who handle data on behalf of the organization.

3. Data Classification

Data should be classified into the following categories:

• Confidential: Sensitive data that requires strict access controls.

• Internal: Data that is used for internal purposes only.

• Public: Data that can be shared with the public.

4. Retention Periods

Data retention periods are as follows:

• Financial Records: Retain for 7 years.

• Employee Records: Retain for 5 years after termination.

• Customer Data: Retain for 3 years after last interaction.

5. Data Disposal

Data must be disposed of securely using the following methods:

• Shredding: For physical documents.

• Data Wiping: For electronic data.

6. Responsibilities

All employees are responsible for adhering to this policy and reporting any data breaches.

7. Review and Updates

This policy will be reviewed annually and updated as necessary.