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Protecting Confidential Information

December 4, 2020

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Protecting Confidential Information

Protecting Confidential Information. According to IBM, the average cost of data breaches in 2020 has reached $3.86 million worldwide, with healthcare at the highest level of an average of $7.13 million, with the United States having the average highest percentage of financial loss. While many companies have transitioned from paper to cloud storage, criminals take advantage of all areas where they believe proprietary and confidential information may be kept. There has not been a global transition to a paperless office environment and yet organizations have reduced their security of paper document storage and destruction. This general attitude is an open door for criminals who will use any and all tactics to access confidential information. There remains a priority to protect paper documentation with secure storage and then use a professional and licensed document destruction organization to ensure there are no breaches.

Remote Working Has Increased Risks

Although remote work was slowly increasing, the addition of the COVID-19 pandemic has supercharged the requirement for staff to work from their homes. As such, the standard protocols for staff having off-site access to proprietary information has increased while the concerns to protect that data may not have the same priorities. Companies may supply offsite workers with the rules that need to be complied with, but few may be monitoring to make sure that the documents are being protected. In a majority of cases, organizations don’t even have policies in place to deal with the needed information security of confidential data. Many home offices may have a shredder, but it may not comply with the requirements needed to maintain complete destruction.

Consumers, Your Clients, Speak Out

Consumers are not only aware of identity theft, the crime is on the rise.

According to IdentityForce:

The fear of identity theft leaves consumers in the position of requiring that they be proactive. Around 38% of consumers feel that the true volume of data breaches hasn’t been exposed and this leaves them with a lack of trust. Many are refusing to share their personal data, even with organizations that they once trusted. However, the problem has escalated as 24% of consumers have indicated that will not do business with any company that does not take high level actions to protect their information.

A security breach can have a financial impact on an organization, but the damage done in loss of reputation can be enough to take a company down. It’s therefore a priority to coordinate complete and total destruction of all documents and data both on and off site.

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