Many businesses begin to think about document purging during the winter, especially around the beginning of a new year. This term refers to shredding large amounts of files and documents. Organizing your files and paperwork should be done throughout the year. It can make deciding what to keep and what to shred easier. Document purging helps to protect your staff, customers and clients, and business safe from criminals and violating the law. Having a plan in place, knowing what to shred, and knowing how to shred can make document purging easier.
In 2012, identity theft cost Americans $24.7 billion. In 2013, it cost Americans $10 billion more than all other types of property crime combined. Not only does identity theft cripple businesses from a financial perspective but it also compromises their safety. It only takes one stray scrap of paper with just the right information still legible to constitute a data breach that can compromise a sterling reputation and bring about a bevy of legal liabilities.
The well-being and reputation of a company often depends on how it protects its business documents and customers’ privacy. Your business’ and your customers’ paperwork is confidential and private. You don’t want it to get in the wrong hands. One way to protect both parties is by hiring professional document shredding services. But how do you select the right shredding service for your business? As you weigh your options, consider the following factors.
One of the most common ways a business has their private data breached is by identity thieves going through documents in the garbage. In an effort to prevent private data ending up in the wrong hands, many organizations use a simple strip shredder to destroy confidential documents. Then they throw the remains as well as all of their other garbage into the company dumpster in the alley or parking lot.
Everything we do in the world today is somehow affected by technology. Technology has made our lives easier and the business we conduct faster. There is no dispute this change in how we are able to perform transactions has made business better. However, there is also no dispute that it poses threats to security. Challenges created by identity thieves and how you are forced to continue protecting the safety of your data is constant. The following are some mistakes made by businesses and how you can prevent them from happening at your company.
The oil and gas industry is expansive and involved in a wide range of regulatory regimes. As such, record and information retention for any oil or gas company is staggering. Many oil and gas businesses are also facing escalating costs right now, including costs associated with discovery. Developing a records inventory and identifying obsolete records are two of the key steps for reducing document storage costs and discovery expenses.
Many modern companies find themselves buried in mounds of records. Even a small start-up organization with a dozen employees can quickly become overwhelmed with piles of paperwork. It is easy to let this problem build until it reaches a critical state and then make a hasty decision about the records. Poor decision-making can threaten compliance with both legal and business requirements. As such, it’s best practice to create and implement a document retention plan.
A recent Gallup poll found that consumers’ biggest worry is identity theft. Nearly 70 percent of the survey respondents cited identity theft as a primary concern. As identity theft is one of the most quickly growing crimes in the United States, it’s not hard to understand why people are afraid. A single case of identity theft can result in thousands of dollars of loss for a household or company. As such, you must take the necessary precautions to keep your business safe.
Banks have a wealth of information about their customers, including contact, identification, and tax information. It is important for institutions and customers alike to know how long banks must retain specific documents.
