Secure shredding is an essential service that financial companies must utilize to remain compliant with the law, protect themselves from liability, and keep their customers’ personal information secure. However, many organizations need to be made aware of the most common mistakes they may make during the shredding process, which can have significant consequences if they need to be corrected. In this blog post, we’ll discuss the top mistakes to avoid when securing shredding for financial companies so you can ensure a compliant and successful process every time.
Why Shred?
The first mistake to avoid is not understanding why secure shredding is essential for financial businesses. Any company that handles customer data must comply with strict regulations and standards outlined to remain compliant and protect its clients’ information. Secure shredding helps ensure these goals are met by destroying all confidential documents efficiently and cost-effectively, protecting companies from liabilities, fines, and data breaches.
Top Mistakes To Avoid In Secure Shredding
Failing To Have A Shredding Policy In Place
One of the most common mistakes is not having a clear shredding policy in place. This policy should define what documents and information require shredding, how often shredding should occur, and what methods should be used. Employees may need to know what to shred or when and having a policy in place can lead to inconsistencies and potential breaches.
Not Using A Professional Shredding Service
Another mistake is relying on office shredders or other unreliable methods of shredding. Professional shredding services use specialized equipment and processes that ensure the destruction of sensitive information. In contrast, office shredders may leave behind easily reassembled pieces or fail to destroy all copies of the data.
Failing To Train Employees On Shredding Policies
Even with a policy, employees may only follow it if they are properly trained. It is crucial to train all employees on the shredding policy, including what documents should be shredded, how to handle them before shredding, and how to dispose of documents appropriately.
Ignoring The Importance Of Chain Of Custody
Chain of custody refers to the documented process of handling and transporting sensitive information from creation to destruction. It is important to have a clear chain of custody for all information to ensure it is always secure. Ignoring the importance of the chain of custody can lead to breaches and regulatory penalties.
Storing Sensitive Information For Too Long
Another mistake is keeping sensitive information for longer than necessary. The more comprehensive information is stored, the more opportunities it has to be lost, stolen, or breached. It is essential to have a retention policy that defines how long information should be kept and when it should be destroyed.
Not Verifying That All Materials Have Been Shredded
Finally, it is important to verify that all materials have been shredded. This can be done through spot checks, audits, or even video monitoring. Failing to verify that all materials have been shredded can lead to breaches and potential liability. Which is why so many people opt to using secure shredding services as they have Certificates of Destruction which proves what has been shredded.
Don’t Just Rely On In-House Shredding – Outsource It To A Reputable Provider.
While many businesses might think the more cost-effective choice is to rely on in-house shredding of essential documents and data, the reality is that it often makes more financial sense to outsource this service to a reputable provider. Doing so gives you access to specialized tools, safe disposal practices, and a high level of customer service focused on helping you maintain privacy and compliance.
Furthermore, by outsourcing shredding services, you can free up your in-house staff to focus on core business functions – something that’s not easily accomplished if all available staff members are devoted to document destruction. When it comes to keeping sensitive documents and data secure, don’t rely solely on in-house shredding – instead, look into partnering with an experienced provider who understands the importance of safeguarding confidential information.
Secure shredding is essential for financial companies to protect sensitive information. By avoiding these top mistakes, you can ensure that their shredding processes are effective, safe, and compliant with regulations. By having clear policies, training employees, and using professional shredding services, financial firms can maintain the trust of their clients and protect their reputations.
With SafeShred, you can trust that your financial business is safe and secure. Our team of professionals provides secure shredding services to protect confidential information and maintain compliance with applicable regulations. Contact us today to learn more.
