If you are visiting this site, you already suspect it’s best to retain a reputable third party shredder to securely destroy confidential materials.
If you are looking for more pros for your pros and cons list, this is the section for you to review closely. If you question whether or not your company can afford professional shredding, just consider the following numbers:
1.) If you are a small business, your monthly shredding expenditure might be as little as $35 to $90 or less than your monthly copier or laser printer paper costs.
If you’re a medium-sized business, you’re likely to spend between $90 and $200 which is probably less than your monthly T1 phone and Internet service. Large companies will definitely spend more on security personnel and systems than secured shredding which is equally important.
2) Buying a new, ill-equipped desk-side shredder for business use will produce paper shreds that can be reattached with just a few minutes of determination on the part of an identity thief or corporate spy.
You may be saying to yourself, I know better than to buy a personal shredder for the quantity of documentation our company generates so we’re considering purchasing an industrial shredder. However, industrial in-house shredders, priced anywhere from $12,000 to $25,000, are in need of a three by four footprint all the way around and a dedicated employee to feed them. Additionally, maintenance, the cost to run the machinery, the space, the noise, purchasing of shred containers, and the liability may be expenses you did not originally consider.
3) Companies who have taken the in-house shredding approach can probably attest to the wasteful strain of paying a full-time, benefited employee on the books for $28,000 to $40,000 annually to sit for hours shredding documentation.
This not only begs the question of financial responsibility but also how comfortable is that employee with personally carrying the federal and state burden of compliance for your company?
4) The price of noncompliance can pile up based on the number of legislative violations broken.
If even one record is compromised, the fine can be as steep as $50,000. Balcones Shred is acutely aware of recent legislature such as The Red Flags Rule, FACTA, Gramm-Leech-Bliley Act, HIPAA , and Sarbanes – Oxely Act. All these laws protect Texans from one of the nation’s fastest growing crimes – identity theft. Balcones Shred is uniquely qualified to assist you in the compliance of the latest stringent guidelines for confidential data destruction. In addition to protecting consumers, these laws are also designed to protect businesses from losing millions of dollars.
5) The negative advertising value for your business’ reputation if a customer’s identity is compromised due to your company’s lack of a certified document destruction plan can be anywhere from $1,000 upwards to $10,000.
Those costs are only the basic costs associated with a negative online review or blog posting not to mention if the grievance was big enough to make the local nightly news or city newspaper. Balcones Shred conducts security audits that help businesses of all sizes develop destruction plans that help ward off situations that could result in negative publicity.
6) Bottom-line, your business needs a great deal of liability insurance to withstand legal and legislative costs tied to mistakes pertaining to incorrectly destroyed documents.
This is our business. Balcones Shred comes to every job backed by $10 million in liability insurance. Look behind that insurance level, and you’ll also find NAID certification.