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Summarize this topic in 1 paragraph. Put a section heading for each paragraph. You MUST put double square brackets around each computer buzzword or jargon or technical words. Answer in MediaWiki syntax.
Data retention policies are guidelines established by organizations to dictate the duration for which various types of data should be stored and the procedures for securely disposing of data once it is no longer needed. These policies are designed to balance the need for retaining data for operational, legal, or regulatory purposes with the principles of data minimization and privacy protection. Data retention policies typically define specific timeframes for retaining different categories of data, taking into account factors such as legal requirements, business needs, and data sensitivity. By implementing data retention policies, organizations can ensure compliance with relevant regulations such as the General Data Protection Regulation (GDPR) and mitigate the risks associated with excessive data storage, including data breaches, privacy violations, and unnecessary costs.
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