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In today’s world of data explosion, it has become imperative for organizations to take a long hard look at their data and find effective ways to store and use it. Storage of sensitive and important information is of utmost importance for the enterprises and they should do everything in their capacity to have a sound information governance plan in place to gain meaningful insights from the data which would help them in the long run. As we know economics is the driving force for any organization, similarly, data governance is very critical to the well being of any firm. The enterprises derive meaningful insights from the astronomical amount of data that is generated on a daily basis, but things are changing as there is a growing concern among them regarding the security of data and the risks associated with it.