Minimize Fraud Risk with Data Breach Prevention
A majority of companies today take an electronic approach to data breach prevention. This is because a most businesses utilize their own internal computer systems to manage data. However, paper is still very much a part of business transactions and should be taken into account when developing a data breach prevention strategy. In 2012, 23 percent of major breaches involved paper records, according to one review. Paper records made up 61 percent of smaller breaches that same year. The experts at International Development Services, which include certified fraud examiners, can help develop the systems needed to prevent breaches within your business.
Data breaches may consist of a variety of paper filings, misdirected faxes and mailings, and improper disposal of records. The following demonstrates how detrimental a paper breach can be, according to a review of available data:
In 2011, there were over 25,700 small breaches, affecting 152,000 individuals. Nearly 16,000 consisted of paper records.
In 2012, there were around 21,200 reports of smaller breaches, affecting 165,000 individuals. Nearly 13,000 of these incidents were related to paper records.
The most common causes of these smaller breaches include unauthorized disclosure or access, improper disposal, theft and loss.
A more recent data breach involving paper records occurred in 2014. Access Health CT, the health insurance exchange for Obamacare in Connecticut, revealed that a backpack carrying four paper notepads with written data (including social security numbers) on 400 consumers was found inside of a deli near the exchange’s call center in Hartford. This occurred when an exchange worker left the office with the backpack. This represents how simple it is for a paper data breach to occur. Data breaches are often the result of poor systems and controls within a business. IDS are experts in designing the right internal systems for both employee control of data as well as the storage of the data itself. Moreover, we can draw upon the expertise of our professional staff, including our certified fraud examiners, to design the best systems for your business.
Protect Your Documents
As your business grows, it’s imperative to create processes and systems with stricter controls. There are a variety of sensitive, original signed documents that will require physical storage, such as patents, loan paperwork, stocks and bonds, customers’ contracts and more. Self-storage is sufficient for documents that you don’t require access frequently. Some of the most important documents may require extra measures to ensure their long-term storage such as in a dry, climate-controlled area of the business.
Develop Guidelines for Destroying Sensitive Data
A system should be created that outlines the process of destroying documents with sensitive information. This should be performed for documents containing your information and customers’ information. Document shredding services are now available to provide an additional measure of security. Be cognizant of consumer privacy laws, which may impose heavy fines if you discard sensitive materials that fails to protect personal data. You can avoid this issue by employing the services of a reputable document shredding company and having the necessary internal systems in place with IDS can develop for businesses.
