UK companies are failing to revisit and review policies regarding document retention and electronically stored information (ESI),  despite widespread adoption of rapidly developing technologies.

This is a key finding of the Third Annual ESI Trends Report, an independent study commissioned by data management firm Kroll Ontrack.

Policies regarding ESI and document retention are a critical element in a company’s ability to cope with data disclosure obligations and litigation processes. However, only 41% of firms questioned in the survey have revisited their policies in the last 12 months with regard to mobile devices, and just 35% have done so with respect to social networking sites.

In addition, only 32% have revised their policies regarding instant messaging, and, perhaps most worryingly, only a quarter (26%) have reviewed their policies in the wake of increasingly popular storage technologies like virtualisation and cloud computing.

Martin Carey, managing director of Kroll Ontrack UK, said, “Mobile devices, for example, have rapidly expanded the potential for working remotely, but some companies continue to rely on policies drafted prior to their introduction."

Carey said, “The requirement to disclose electronically stored information during the litigation process is affecting more businesses than ever before. If policies are not updated, these companies could be placed at a severe disadvantage, with a real risk of serious financial loss.”

For the survey Research Plus was commissioned to conduct interviews with 230 UK companies.