Information is what enables our decision making process. Organizations, especially those dealing internationally, have to process, document, and store and access tons of business information every day.
While digitization and scanning technologies are at disposal of these organizations, usage of paper cannot be ruled out. Paper is one physical medium of information transfer that is utilized heavily on the global scale.
Sensitive and confidential information related to an organization’s operations and functions is supposed to be protected at all times. Digital storage can be protected with encryption and limited access, but what about papers? Secure document shredding comes out as the only feasible solution.
In this post, we will see 5 crucial ways in which secure document shredding can help your company dodge litigation!
1. Document Shredding is Compliance
As the geographical boundaries virtually vanish, business to business and business to customer communication has been on the rise. With unimaginable amounts of information and data floating from one point to another, it is now required by the law to protect it. The Data Protection Act has been in force internationally for the businesses. Moreover, GDPR guidelines have mandated it for the organizations to protect and safely dispose the personal data of people, especially that which relates to the identity. The act requires the companies to dispose-off the documents after shredding them properly. However, many companies fail to comply with proper document shredding and disposal guidelines simply because of focus on other activities. In such a case, organizations can reap the benefits of Record Management Service Vendors that manage document shredding on time.
2. Preventing Identity theft
Prevention of identity theft was the key point in the formation of data protection acts and guidelines around the world. Physical documents contain vital information related to the identities of employees, clients, key personnel, and other stakeholders in a firm. Liability of protection of the personal information of the people lies with the organization. Thus, timely and secure shredding of documents becomes crucial. In case where a stakeholder’s identity and information is stolen, the organization becomes liable to pay the compensation to the person as per the Data Protection Act. It, therefore, makes sense to put a document management system in place to ensure compliance and escape any litigation in the future.
3. Preventing Corporate Espionage
This has been happening since the economies started growing. Intellectual property is always of high value for any organization. It is sensitive, confidential, and thus, prone to malicious intents. Your organization might be working on a new product design, a new service model, or simply following a new business strategy. Your competitors will always be up to sneak a peek in whatever is going on within your company. While digital communication and information flow can be electronically protected, physical documents can’t be. Ensuring their timely and proper disposal will mitigate the risk of intellectual property theft and corporate espionage.
4. Fostering Consumer Trust
For companies handling a large volume of customers and clients on a daily basis, protecting their personal information becomes a priority. This is essential to breed trust within the loyal and newly acquired customers. Consumers are more aware now than before about the intensity of vulnerability to which their information is exposed to, especially if the information is on the papers. Thus, a secure document shredding service can earn your company some good trust points. This can be further simplified if you partner with a professional Records Management Company!
5. Protecting Sensitive Business Data
Information thieves are not just after identity, they are also interested in a business’ finances and other important figures. Your employee details, sales figures, projections, minutes of meeting, and accounting documents can become a problem for you if transferred into wrong hands. Thus, timely shredding them can prove to be a risk mitigating activity for the benefit and protection of your organization.
The above-mentioned points are a no brainer for a company when it comes to sincere information management and protection. Follow them and diffuse any litigation risk as your business grows.
