The Risks of Not Shredding Important Documents and the Risk of Identity Theft

by Smart Shred Protecting your Documents is Serious Business

Shredding your confidential waste, including important documents and media devices, is the need of the hour. Not doing so can pose significant risks and lead to severe consequences if they fall into the wrong hands. So, here we explain the potential risks and the adverse effects of not shredding your important documents:

Identity Theft

Information such as your name, address, date of birth, social security number, bank account details, credit card information, medical data, online details, and/or business data can be used by identity thieves to open accounts, make purchases, and commit other fraudulent activities. Identity theft is rising, and physical documents can put you at a major risk.

Financial Loss

Fraudulent activities conducted by identity thieves can lead to substantial financial loss. These financial hardships can have a lasting impact, i.e., it can take months or even years to regain the compromised account. Not only can it be challenging to recover the stolen funds, but it also adds to your stress.

Legal and Regulatory Violations

It is very unfortunate to see that fraudulent crimes like identity theft and data breaches are increasing day by day. Therefore, organizations must care as much as possible about their confidential data. It pertains to not just storing the data adequately but also disposing of what isn't needed. Those who fail to properly dispose of personal information may face penalties for violating privacy laws. It can result in hefty fines and tarnish the business's reputation.

Loss of Confidential Business Information

Companies that do not shred sensitive documents containing confidential business information, such as trade secrets, client lists, and financial reports, may lose a competitive advantage. If you have a lot of paperwork accumulating in those corners and cupboards, look for a professional shredding services provider to help you get started with the best package.

Damage to Reputation

This goes without saying; a data breach can sabotage an individual or organization's reputation. In fact, according to a Forbes report, 46% of organizations have suffered reputational damage due to a data breach, which is massive. Not only does it lead to a loss of finances but also trust, employees, potential customers, and other stakeholders.

Business Interruption

Identity theft is a serious threat to both big and small businesses. Thus, a data breach can disrupt business operations, cause a loss of revenue, and lead to employee downtime. Do not let that happen to you; look up "mobile shredding service near me" to find and partner with experts who can help you with your information protection needs right in the comfort of your premises.

To Conclude

Identity theft, A.K.A., identity fraud, is when an imposter obtains key pieces of your Personally Identifiable Information (PII) in illegal ways. Today, identity fraud complaints are rising, and the situation is worsening. For this reason, businesses must remain more cautious with storing and disposing of their confidential information. Failing to do so can have severe consequences. Therefore, shredding all sensitive and confidential documents is essential to protect your business against these risks.