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Securing information couldn’t be a more pressing topic for companies right now, with the overlapping threats of external hacking and weak internal security practices by employees. At the same time, of course, the volume of data and information flowing through many businesses continues to grow. With all of this as a backdrop, a new paper from the member-based advisory firm CEB, “Maximizing the Business Value of Information: New Principles for Using and Securing Information,” puts a question to legal and compliance officers: How can companies best safeguard the various types of corporate information and allow business units to innovate with data? It’s a multimillion-dollar question, according to the consultancy, that points to the “cumbersome” nature of policies and controls that can potentially slow workflow, decrease innovation, or even derail major business projects. “Overall, CEB estimates that outdated, overly restrictive information risk approaches can cost a large company more than US$20 million a year—most of that hidden off the balance sheet, quietly dragging down revenue,” say the authors. There are a number of steps companies can take to formulate a more balanced approach to information risk management, according to CEB. Here’s a look at a few of their suggestions:

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