Report Details How Data Breaches Hit Bottom Line
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 were not shredded by a shredding company and in other cases, computer data was stolen.
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.
Conclusion will be that not protecting confidential records by shredding or other document destruction methods will 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. Losing some customers will clearly be seen as too expensive of a price to pay, relative to the inexpensive methods of document destruction, such as having a shredding company come by and shred all your personal, confidential files and records.
The entire can be found by clicking on the link below.
http://www.esj.com/security/article.aspx?EditorialsID=1536
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