In today’s digital age, businesses store more information online, such as clouds and shared drives, but the need for physical records has remained. Whether you’re dealing with client information, financial records, or confidential company data, keeping physical documents secure is crucial.
As the volume of paper records grows, so does the risk of sensitive information falling into the wrong hands. This is where paper shredding comes in. Here are five reasons why shredding your documents is necessary for any business.
1. Protect Your Business and Clients from Identity Theft
Any document containing personal information, such as names, addresses, social security numbers, or financial data, can put your clients and employees at risk if not managed properly. Shredding these documents ensures they are destroyed beyond recovery, keeping confidential information secure and protecting your business from costly lawsuits or damaging your reputation.
According to Experian, over 1.43 million identity theft cases were reported in 2021, suggesting the importance of safeguarding sensitive information. In addition to shredding documents containing sensitive customer information, set rules that prevent your employees from keeping sensitive documents in unsecured areas of your business.
2. Comply with Legal Requirements and Regulations
There may be legal requirements for how you handle sensitive information. For example, the Health Insurance Portability and Accountability Act (HIPAA) requires healthcare providers to protect patient privacy. At the same time, the Gramm-Leach-Bliley Act (GLBA) mandates financial institutions to safeguard customer data.
You can incur hefty fines or civil liability for violating these. Shredding your documents is a simple and effective way to ensure compliance with these regulations and avoid legal troubles.
3. Free Up Storage Space and Reduce Clutter
As your business grows, so does the volume of paper documents you accumulate. This can lead to cluttered workspaces, as well as the need for additional storage space. By shredding unnecessary documents, you can free up valuable space, improve office organization, and make it easier to find the information you need when you need it.
It is a good idea to create a record retention policy. Accounting documents are held for up to seven years for some industries. Ensure your office staff maintains a schedule so they know when to collect files to be securely shredded.
4. Protect Your Intellectual Property
Many businesses have proprietary information, such as trade secrets or product designs, that must keep confidential to maintain their competitive advantage. Shredding documents containing this information is critical to prevent it from falling into the hands of competitors or other unauthorized individuals. By destroying these documents, you protect your intellectual property and safeguard your business’s future.
This is especially critical for new products, systems, and proprietary processes that your company is working on. If meeting notes fall into the wrong hands, it could undermine your business’s future.
5. Reduce Your Environmental Impact
In addition to the benefits for your business, shredding your documents can also positively impact the environment. Shredded paper can be recycled, reducing the need for virgin paper production and saving trees. By making shredding a regular part of your document management process, you can contribute to a more sustainable future and demonstrate your commitment to corporate social responsibility.
As mentioned, shredding reduces clutter and storage needs, reducing your need for extra furniture and allowing you to keep a clean office environment.
Let Us Shred Your Documents.
With the increasing risk of identity theft and the need for compliance with legal requirements, shredding your documents is a must for any business. It protects your business and clients from harm, frees up storage space, protects your intellectual property, and reduces your environmental footprint.
If you’re looking for a secure and convenient paper shredding service, our business center in Surrey offers cost-effective solutions to meet your needs. You can bring in your documents, drop them off and trust our secure process protects you and your business. Contact us today to learn more about our services and start shredding your documents confidently.