Most of the firms understand the significance of protecting and destroying confidential documents and data. They should be aware of the standards that have been made to ensure proper destruction of document. Failing to adhere to the privacy laws or not implementing desired steps will result in costing you immeasurably. To save the reputation of business from inefficient data destruction, it is required to know about the severe consequences of it.
What is the need of a document shredding service?
Overflowing shred bins are risky as throwing sensitive and confidential documents in a public place can cause a lot of harm to any company. Most of the mobile shredding firms come to your office at pre-determined hours depending on the frequency at which you require your documents to get shredded.
It not just promotes security of information but also offer convenience for several reasons. It assures protection of sensitive personal banking-information, business tax identification number and social security fell to get into the wrong hands! Due to unmatched convenience and security offered by paper shredding firms, it makes it the best way to dispose of your official documents.
Penalties
Your negligence can cost you penalties. The fine that will be imposed on you are for failure to adhere to the applicable state, federal, and/or local privacy laws. In addition to this, there are severe repercussions for non-adherence with industry regulations such as FACTA or HIPAA. A FACTA violation can cause you to pay for financial damages that victims of identity theft go through.
Lawsuits
Sufferers of identity theft due to negligence can put you behind bars too. You will be held responsible for paying lawyer fees for handling the case of victims. Depending on the data that is stolen, it can result into expense of thousands or millions of dollars.
Loss of revenue
If you are not willing to offer confidential information, then you can begin losing revenue and prospective customers, loyal patrons, and employees. This leads to damage in the work productivity of your business too.
Loss of Image
The loss of reputation can be very hard to recover from. You would not want to lose the trust of partners, customers, employees, vendors, investors, and more. Document shredding firm can assist you to remain compliant and prevent a breach.
Conclusion
Improperly disposal of documents and other types of data can leave you, your customers and company at a risk of identity theft. Thus, it is very important to make sure that all data is thoroughly and properly shredded and destroyed.
