[EDRM Editor’s Note: EDRM is happy to amplify our Trusted Partners news and events.]
I’m really happy to be coming to you with more exciting news. Today we announced the acquisition of Divebell, the company behind the best-in-class data discovery software solution of the same name. We’ve had a long-standing relationship with Divebell. After all, their technology powers Exterro Data Discovery, our solution to help organizations come to grips with all their data and impose controls on it.
Data Discovery is not a niche technology. Its uses span the gamut from e-discovery to privacy compliance, digital forensics, data compliance, and data breach cybersecurity incident response.
Bobby Balachandran, Founder & CEO, Exterro
Without a doubt, several major trends are converging in such a way that organizations and their leadership–from the GC and CLO to CISOs, CPOs, and CIOs–have to have a firm grasp on the data they hold. We’re not alone in seeing this happen. Legal leadership at world-class organizations, as cited in the 2023 ACC Chief Legal Officers Survey, are seeing their responsibilities grow to encompass topics like cybersecurity, privacy, regulatory compliance, and more. Because Exterro helps our clients manage massive amounts of data, we are uniquely positioned to recognize how incredibly timely and critical this technology can be to our current and prospective customers. The time to act is now–and we are lucky to have not only the best data discovery solution in the market, but also a far-reaching legal governance, risk, and compliance management platform to leverage the insight it delivers.
Data Discovery is not a niche technology. Its uses span the gamut from e-discovery to privacy compliance, digital forensics, data compliance, and data breach cybersecurity incident response. Do you need to identify where data is for litigation? What data is under litigation hold and what is not? Where data has cross-border obligations, either for discovery or privacy compliance? Do you need to dispose of redundant, obsolete, or trivial data that might pose extra risk for discovery or breach? Do you have to conduct investigations into potential fraud or misuse of company resources, human resources violations, or other policy compliance issues? What about performing due diligence for mergers or acquisitions?
You can lay the foundation for all of these business operations–and countless other ones the smart people using our software will figure out–with the deep insight into data this software provides.
Privacy Obligations on the Rise
Thirteen states have passed privacy laws, six of them in 2023 alone, and more are making their way through state legislatures today. Federal regulators like the FTC are enforcing existing standards more strenuously. International regulations like GDPR, DPDPA, and PIPL govern an increasing proportion of the world’s population–Gartner predicts 75%–by the end of the year. Those individuals all have rights to access, correct, delete, and possess copies of their data.
Wouldn’t compliance with these complex regulations be easier if you knew everywhere your organization stored personal data and was able to link it to applicable regulations? I think–and hope–so, because fines for violations imposed both domestically and internationally routinely reach eight- and nine-figure sums.
Cybersecurity Threats Aren’t Going Away
Do we even need to talk about this at this point? Data breaches are so common, they are more a question of “when” than “if” for most organizations. Targeting law firms, healthcare service providers, telecoms, and more, bad actors recognize the value in the massive stores of data organizations have. And the costs of data breaches just keep rising. IBM’s respected The Cost of a Data Breach Report for 2023 pegs the average cost at $4.45 million. The costs rise for organizations with complex data structures and the inability to detect breaches and respond quickly, topping out at over $330 million for mega-breaches of more than 50 – 60 million records!
Data breaches are so common, they are more a question of “when” than “if” for most organizations.
Bobby Balachandran, Founder & CEO, Exterro
What does data discovery do to protect against breaches? It allows organizations to harden defenses around personal data. It allows them to identify who has access to sensitive data and ensure that it’s not available to unauthorized users. It allows organizations to impose retention policies, delete unneeded data wherever it exists, and reduce the scope of data at risk. And then, in the unfortunate event of a breach, it powers timely notification of authorities and data subjects before tight compliance deadlines.
