Developing a Data Retention Policy

Develop a comprehensive data retention policy framework tailored for an organization handling varied data types. Begin by identifying different categories of data such as customer information, operational records, financial documents, and communication logs. For each category, outline criteria to evaluate how long the data should be retained, focusing on regulatory requirements, business needs, storage costs, and data sensitivity. Provide examples of retention periods for each data type, such as 2 years for operational records or 7 years for financial documents. Include guidelines for reviewing and updating the policy regularly to comply with evolving regulations and business objectives. Conclude with best practices for securely deleting data that is no longer needed.