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Banking data – seven years The Economist reported that UK banks are required to retain data on all financial transactions for seven years though this has not been verified. [citation needed] [81] It is not clear whether data on credit card transactions is also retained for seven years. Vehicle movement data – two years
Over the years, various hardware devices have been designed to store ever larger quantities of data. With the development of the Internet the quantity of information available appears to continue to grow at an ever-increasing rate often characterised as an information explosion .
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other). Retention periods vary with ...
SEC Rule 17a-4 is a regulation issued by the U.S. Securities and Exchange Commission pursuant to its regulatory authority under the US Securities Exchange Act of 1934 (Known simply as the "Exchange Act") which outlines requirements for data retention, indexing, and accessibility for companies which deal in the trade or brokering of financial securities such as stocks, bonds, and futures.
Data holdings are generally the storage methods used in the past when data has been lost due to environmental and other historical disasters. [4] Furthermore, data retention differs from data preservation in the sense that by definition, to retain an object (data) is to hold or keep possession or use of the object. [7]
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A backup rotation scheme is a system of backing up data to computer media (such as tapes) that minimizes, by re-use, the number of media used.The scheme determines how and when each piece of removable storage is used for a backup job and how long it is retained once it has backup data stored on it.
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