Financial Services: Protect Your Clients with Proper Document Destruction
How a Professional Shredding Service Can Help
Cyber criminals who carry out their schemes are typically motivated by money. As a result, the financial services industry is especially vulnerable to these types of crimes. Common targets include banks, insurance companies, and payment processors. If you own your business, you know how important it is to protect your financial data. Failure to do so will likely result in information exposure and significant monetary loss. As a professional shredding service, we understand how overwhelming it can be to properly keep track of and protect your financial records. Work with us for fast, safe, and affordable document destruction at your convenience.
3 Reasons to Destroy Financial Documents
As a business owner, not only is it wise to safely look after your financial records, it is also your legal obligation. Whether your data is stored on hard copy documents or electronically, it is imperative that you have a reliable way to destroy information that is no longer needed. If you work in the financial services sector, here are a few reasons why you must prioritize data security and safe destruction practices:
- Client Loss: Post a data breach, the financial industry has the highest client turnover rate than any other sector. Not only do clients invest their hard-earned money in a bank or investment company but they also invest a high amount of trust in your security practices. Once you fall short of their expectations, your business may lose valuable clients.
- It is the Law: There are protections in place to ensure that all businesses, including financial institutions protect all forms of consumer information. The Federal Trade Commission has in place the Disposal Rule. The rule requires that businesses establish safe disposal practices to prohibit unauthorized access to private consumer information reports. Safeguards include destroying paper and electronic records by means of shredding, burning, or working with a professional disposal company. Failure to abide by these regulations may result in hefty fines or even time served.
- The Gramm-Leach-Bliley Act: Under this federal rule, your financial institution is legally responsible to inform customers about how their personal information is being shared. You must also emphasize their right to opt out if they want to keep their records from being given to third parties.
- Cyber Theft: Immediately destroying information when it is no longer needed will ensure that your data is safe from both insider and outsider threats. You may have a highly-trained IT security staff but easily accessible documents may increase the risk of identity theft and financial data loss.
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Call TITAN Mobile Shredding and speak to our data destruction professionals at (866) 848-2699 today or contact us online to request your free quote.