The term "data retention policy" refers to a set of guidelines that dictate how an organization manages and retains data over time. This policy outlines how long different types of data will be kept, the method of storage, and the procedures for deleting data when it is no longer needed. A well-defined data retention policy helps organizations comply with legal regulations, mitigate risks associated with data breaches, and ensure that valuable information is available for future analysis while protecting user privacy and reducing storage costs.