By Rob Shauger
If your business handles personally identifiable information, it is important to keep the information secure in order to protect your clients.
This includes patient records, employment records, loan applications, tax forms, medical forms, credit card applications, and more. Security breaches are a real and large threat to businesses of all sizes and across all industries.
The average total cost for companies who suffered a data breach of more than 50,000 records cost an average of $10.3 million. Think your company is too small to have a data breach really effect you? Think again. According to an IBM study, data breaches involving small businesses can cost a staggering $4.5 million.
Data breaches small or large also tarnish your company’s hard-earned trustworthy reputation, making it harder to gain new clients even years down the road.
While many people associate data breaches to cyber terrorists and online hackers, the truth is often times data breaches occur from improper handling or disposing of personal documents. Thieves target paper documents and use the information to open fraudulent accounts.
Information can also be recovered from computer hard drives that have been improperly disposed of. Simply throwing away hard drives without proper destruction could leave your business (and clients) at considerable risk. If the thief has access and the knowledge, they can wreak havoc on a business.
Do you rip up credit card offers when they come in the mail? If your answer is no because you shred credit card offers, good for you. If you just toss them straight into the recycling, you might want to rethink your policy. Just like seemingly innocuous junk mail can be a threat to your personal identity, a lot of papers floating around your office might be a threat to your client or patient confidentiality.