What are the consequences of an organization not having an information policy?

Post your response below and respond to at least one other student’s post. 

this is the student post i want you to reply to” If a company does not have an information policy, the simply have no control of how the data they collect is used, and cannot legally use it efficiently. The scale of the repercussions will depend on the type of business that they are as well as the size of the business.  For example, if it’s a data centric business, then they have lost the core of their business and will surely get run over by a competitor soon enough. However, if it is a non data centric business, some major consequences would possibly include other businesses not wanting to work with them, a loss of credibility, and penalties from data security regulators. Other less serious consequences that not having an information policy would entail would be an overall loss of organization in the respect of data, the company would have to establish to their customers what exactly they were doing with their information without the policy, which could result in legal problems“