Why is Shredding So Important?
Did you know every minute of every day about 19 people fall victim to identity theft? Are you safe as a consumer? Is your business compliant? Learn more now.
According to the Federal Trade Commission's most recent Consumer Sentinal Network Data Book, for the 12th year in a row, identity theft was first on the list of top consumer complaints. The hijacking of personal and financial information used to perpetrate fraud or theft costs businesses and financial institutions billions in losses each year. During 2010, over 70 million identities were lost due to the corporate mishandling of personal information, which led to over $1 billion in reported losses. The negligent mishandling of 'waste' documents has resulted in the enactment of federal laws designed to protect the privacy of businesses and individuals such as:
- The Fair and Accurate Credit Transaction Act of 2003 (FACTA) - The Fair and Accurate Credit Transactions Act of 2003 imposes a "requirement on persons who possess or maintain, for a business purpose, consumer information derived from consumer reports. The Act requires that any person that maintains or otherwise possesses consumer information, or any compilation of consumer information, derived from consumer reports for a business purpose, properly dispose of any such information or compilation."
- Health Insurance Portability and Accountability Act (HIPAA) - The Health Insurance Portability and Accountability Act of 1996 requires that healthcare organizations which maintain or transmit health information "shall maintain reasonable and appropriate administrative, technical, and physical safeguards—(A) to ensure the integrity and confidentiality of the information; (B) to protect against any reasonably anticipated—(i) threats or hazards to the security or integrity of the information; and (ii) unauthorized uses or disclosures of the information; and (C) otherwise to ensure compliance with this part by the officers and employees of such” organizations.
- Gramm-Leach-Bliley Act - The Gramm-Leach-Bliley Act of 1999 establishes appropriate standards for financial institutions “relating to administrative, technical, and physical safeguards - (1) to insure the security and confidentiality of customer records and information; (2) to protect against any anticipated threats or hazards to the security or integrity of such records; and (3) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer."
- Identity Theft and Assumption Deterrence Act - The Identity Theft and Assumption Deterrence Act of 1998 makes it an offense for a person to knowingly transfer or use, “without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of Federal law, or that constitutes a felony under any applicable State or local law.”
These laws have created a demand for secure document disposal like document shredding. While off-site shredding and recycling are two available services, these options provide ample opportunity for unauthorized access to sensitive information. On-site document shredding, on the other hand, gives clients peace of mind by providing an unbroken chain of custody until the material is destroyed. With identity theft on the rise and privacy laws becoming more severe, this type of secure document destruction is a necessity. Sierra Shred will destroy your records on-site in accordance with state and federal regulations regarding information destruction.
Accredited by the Better Business Bureau and bonded and insured for your protection,Sierra Shred will help protect your business and personal interests. We're Texans serving Texans, and we're here to help you fight identity theft.