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 all tactics to access confidential information. There remains a priority to protect paper documentation with a professional and licensed document destruction organization to ensure there are no breaches.
Although remote work has increased, 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 lot of cases, organizations do not even have policies in place to deal with the security of confidential data. You should have a policy in place that helps increase the security of your business and customers for all sensitive information and for all employee types.
Consumers are aware of identity theft, and that the crime is on the rise.
According to IdentityForce:
The fear of identity theft leaves consumers in the position of being proactive. Around 38% of consumers feel that the true volume of data breaches has not been exposed and this leaves them with a lack of trust. Many consumers are refusing to share their personal data, even with organizations that they once trusted. However, the problem has escalated as 24% of all consumers have indicated that will not do business with any company that does not take serious 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 is therefore a priority to coordinate a complete and total destruction of all documents and data that are both on and off site.
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