Report Details Risks of Data Theft
The overwhelming majority of victims of a security breach blamed the offending institution for the data breach, according to a survey involving 1,100 American adults who received security-breach notifications alerting them to a compromise of their personal information.
In some cases, the confidential records that were stolen before they could be destroy or were never going to be shredded. In other cases, computer data was stolen. It is not clear how much of the data was stolen from disk drives which were disposed of instead of being shredded.
The survey determined that 92% blamed the company for the loss of their personal information, 19% left the company due to the issue, and 40% are considering taking their business elsewhere. Another 5% are seeking legal advice for possible lawsuits.
Disregarding your obligation to protect confidential records by shredding or other document destruction methods can have a tremendous effect on future corporate profits. The relatively low cost of document shredding seems to be an even stronger necessity when disposing of confidential records. In addition to the customer exodus associated with data breaches, there are also a number of federal and state laws that now have fines associated with the improper disposal of or improper protection of consumer information, especially data containing social security numbers. Paying government fines and some customer loss and legal damagaes are way too expensive of a price to pay compared to the small cost of paper shredding. If you are not using a paper shredding service now and destroying all electronic media which has ever held confidential information, you should start now. It is extremely easy and inexpensive.