Information keeps your business going smoothly, and disruptions can cause detrimental effects if there are breaches. Be careful not to expose your company to risks and maintain proper document security. Thieves, hackers and even competitors are highly interested in your company’s information, data and paper documents. Keeping all of your documents secure is the only way to prevent unauthorized users from compromising your business. Here are just a few reasons why you should invest in document security.
Avoid Major Financial Losses
With security breaches, documents can be in jeopardy, causing a loss of finances, reputation and customer relations. In 2013, a large discount retailer was hit with a data breach that compromised millions of customer’s account and credit card information. The company lost close to $150 million. The lack of proper security caused victims to have to deal with unauthorized credit and debit card charges and the replacement of personal identification information such as telephone and social security numbers. They also had to deal with increased interest rates on their accounts and hire investigators to help solve the issues. This is the last thing you want to put your customers through.
Stay Out of Legal Trouble
If your unsecured document system is hacked, you can be open to lawsuits. Your employees, customers and vendors could bring litigation against the company if their private information is left unprotected. The 2013 data breach of one discount retailer resulted in the customers filing and winning a $10 million dollar class-action lawsuit.
Health companies, such as clinics, hospitals, doctor’s offices, medical billing companies and pharmacies must keep patient records confidential. A breach in security can result in HIPAA law violations. HIPAA laws protect electronic, oral and written medical information from falling into the wrong hands. Patients have the right to file a complaint if their information is transmitted, stolen, or stored in an unsecured location.
Companies need to share documents with sensitive information. It is hard to know to whom those documents are being sent without the appropriate security in place. Using a more secure file format that is password protected would prevent harmful attacks. This would make it easier for employees to share information without exposing the company to unnecessary breaches.
It is important to protect your documents from unauthorized individuals because your competition could easily take advantage of unmanaged security issues. There is no problem with throwing away documents with sensitive information as long as they are discarded correctly. Office equipment, such as a document shredder, would alleviate potential threats. Intact documents could reveal trade secrets and company or employee passwords to dumpster diving competitors.
Use Edge Business Systems
Place your business in the hands of experts that are knowledgeable about document security. At EDGE Business Systems, we offer complete security protection for your company. Talk with a representative at any time and learn how you can improve your security and prevent breaches. EDGE Business Systems can manage your business documents safely and help you take preventive measures to secure your business information.