Is it compulsory to have a data retention policy?

Almost every country worldwide has a data retention policy for businesses. This is to ensure that appropriate archived records are available for extraction and review by the business, customer, and government should the need arise. Businesses with established data retention policies are transparent in their dealings since customers and the government have access to them, thus making them trustworthy and attractive to consumers. And in contrast to businesses that are suspected of being non-compliant, a reputable business will always be ranked higher in goods and services, sometimes, solely on its reputation.

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