In today’s digital age, data breaches have become an ever-increasing threat to businesses and organizations of all sizes. Whether it’s due to a malicious cyber attack or a simple internal mistake, data breaches can lead to significant financial losses, brand damage, and legal liabilities. The good news is that many businesses can prevent such breaches by taking careful precautions, and document shredding is one of the most effective ways to prevent costly data breaches and save your business money.
According to a recent study by IBM, the average cost of a data breach for a U.S. company is $8.19 million [1]. This cost includes the expenses associated with legal fees, regulatory fines, public relations and reputation damage control, and lost revenue as a result of the breach. In fact, the same report reveals that the majority of data breaches are caused by insider threats, which includes employees’ careless handling of confidential information [1]. This is where document shredding plays a critical role.
Document shredding involves destroying physical copies of sensitive and confidential information that are no longer needed or required by a business. Unlike simply throwing away these documents or recycling them, shredding them ensures that the information cannot be pieced back together by anyone with malicious intents. By securely shredding confidential documents, businesses can significantly reduce the risk of sensitive data falling into the wrong hands, which can ultimately lead to costly data breaches.
What many businesses don’t realize is that document shredding is more cost-effective than most alternatives. Since most data breaches are caused by human error or accidental mishandling of documents, implementing a document shredding service can help prevent such incidents altogether. In case of a security breach, data recovery and breach notification procedures are often time-consuming and involve significant fines, which could be avoided by implementing proper data destruction methods in the first place.
In addition to protection against data breaches, professional shredding services also help in reducing storage costs. Old papers and files take up expensive office space that can be put to better use. Document shredding not only frees up this space but also helps businesses meet document retention regulations. Therefore, companies can save additional money by ensuring they only keep the documents they need while managing the rest through a secure shredding service.
In conclusion, implementing a document shredding service can help businesses avoid costly data breaches, prevent brand damage, and save money. One of the most significant benefits of shredding is its cost-effectiveness, especially when compared to the much higher costs associated with data breaches. By partnering with a reliable data shredding company, businesses can ensure that sensitive and confidential data is securely destroyed, helping them operate more efficiently and cost-effectively.
Reference:
[1] IBM Security. Cost of a Data Breach Report. (2020). Retrieved from https://www.ibm.com/security/data-breach.