Documents that contain personal information can be classified as confidential waste. This can include any document that contains contact information, financial information, or intellectual property. These documents are often obtained from business contacts and shouldn’t be thrown out or disposed of without thought. This could lead to identity fraud, industrial espionage, or fraud.
It is important that any company disposes of confidential waste properly. This could result in hefty fines and security breaches as well as reputational damage. The Data Protection Act was introduced in 1998. This law regulates the collection and destruction of personal data. To find out more about Confidential Waste Disposal Birmingham, contact Printwaste
Organisations that fail to implement IT security measures could face heavy fines. Cybersecurity should be a priority for everyone involved in IT. Even large organisations like the NHS were victims of cyberattacks. Digital security is becoming more important as digitisation increases across industries and new government directives threaten potentially crippling fines to organisations that fail to secure their data.
Cost of security failures
Cyberattacks have cost UK investors many millions. A major data breach can permanently reduce a company’s share value by almost two percent. The cost is felt not only as a direct result of the cyberattack. New government directives and fines promise even more incentive to secure data.
Businesses that fail to protect sensitive or create strict private data strategies could face substantial fines equating to 4% of their global revenue. A scheme that could fine FTSE 100 companies many billions a year, based on the current rate of data breaches, is being developed. It is hoped that these substantial fines will encourage businesses to secure sensitive data.
Protecting your business
Updating firewalls, antivirus protection and file integrity monitoring programmes is the best way to prevent a costly cyberattack. Updated software, not just security software, can reduce the risk of fines and loss.
Cyberattacks are a major cause of loss, but the most common is phishing – using social engineering, email or software scams in order to obtain legitimate credentials. Employee education and best practices are the only ways to avoid this.
Security in IT is already a major concern for business. However, due to the possibility of catastrophic fines it will only become more important across all industries and sizes. An investment in security that is relatively low can prevent millions of pounds in damages and fines.