Company Data Security Policy: Cold Storage and Data Retention

At Bchex, a BIB Company, we prioritize the security and integrity of the data entrusted to us by our valued customers. In alignment with our commitment to safeguarding sensitive information, we have formulated a comprehensive data security policy that encompasses the usage, retention, and protection of data, specifically focusing on Personally Identifiable Information (PII).

Policy Rationale:

The decision to transition data to a cold storage facility after a period of five (5) years is grounded in our unwavering dedication to data security. This strategy has been strategically developed to address multifaceted concerns that arise from both a regulatory and operational standpoint.

Data Security Perspective:

The primary motivation for this approach emanates from a data security perspective. Our paramount objective is to ensure that customer PII remains invulnerable to any potential breach or unauthorized access. By transferring data to a specialized cold storage environment, we create an additional layer of protection against cyber threats and external vulnerabilities.

Insurance and Liability Considerations:

Furthermore, this policy has been shaped by considerations of insurance and liability. The prolonged retention of data carries inherent risks. By transitioning data to cold storage, we proactively mitigate these risks, thus aligning with best practices.  This not only fortifies our risk management strategies but also bolsters our commitment to safeguarding customer interests.

Data Retention Expectation:

In tandem with evolving regulatory guidelines, there exists a data retention expectation that mandates responsible data management. This expectation necessitates that we retain data for a specific duration to comply with legal and regulatory obligations. Our transition to cold storage facilitates adherence to these expectations in a manner that minimizes exposure and maximizes data security.

Technological Resources and Performance:

Contrary to potential misconceptions, this policy is not rooted in resource constraints from a technological standpoint. Rather, it underscores our resolute dedication to data protection. The decision is founded on the imperative of shielding data integrity over extended periods and reducing the liability associated with prolonged external data exposure.

Transparent Communication:

We acknowledge the importance of transparent communication with our customers. Hence, this policy is communicated to provide clarity on our data management practices. We understand that concerns may arise, and we are committed to addressing any queries or clarifications you may have regarding this policy.

For further information or inquiries regarding our data security policy, please do not hesitate to reach out to our dedicated support team.