From the moment that a document containing sensitive of confidential information is created, you are entirely responsible for it until the moment that it is properly destroyed. Australia has some very specific rules regarding this fact. Once a document is no longer needed for the exact reason it was created, the Australian Privacy Principle 11 dictates that it must be disposed of. A single breach can see your business hit with fines of up to $1.7 million dollars. Understanding the consequences of your business not having compliant document destruction can help shed light on why paper shredding and other services by Shred on Site are so important.
To Shred or Not to Shred
A large part of successful sensitive mobile document shredding is understanding when you should and should not dispose of certain materials. The Australian Tax Office, for example, recommends that all official tax information be kept for five years. The Australian Securities and Investments Commission recommends that your business’s financial records should be kept for up to seven years. The simple act of document shredding something that you were supposed to keep for a much more extended period could not only put your business in violation of the Australian Privacy Principle, but it could see major ramifications from groups like the Australian Tax Office or the ASIC as well.
Fraud
Perhaps the biggest consequence of your business not being compliant in document destruction is fraud. According to a study released by the ABS in 2012, over 1.2 million people in Australia alone were victims of some type of fraud in 2011. The total cost of those fraud cases totalled an incredible 1.6 billion dollars. Making sure that you’re employing professionals like Shred on Site and remaining compliant with document destruction practices will help make sure that your business, your customers and your employees don’t find themselves a part of these statistics in the future.
Loss of Trust
As a business owner, your customers are the most important element. You could provide the best product or service in the world, but without customers you are essentially nothing. This illustrates another important consequence of your business not being compliant in document destruction: your customers will lose faith in you immediately.
Fraud and other issues are incredibly serious and if your customers begin to get the impression that you’re not being as careful with their sensitive information as you should be, they’re going to stop giving it to you: end of story. Remaining compliant isn’t just a way to avoid fines – it’s a way to show your customers that you’re a serious business owner who is and will always operate with their best interests in mind.
Shred on Site uses state-of-the-art document destruction techniques to help not only keep your business compliant with all rules and regulations regarding confidential information, but also to make sure that your sensitive data doesn’t fall into the wrong hands. The peace of mind that comes with knowing that your confidential information is being taken care of is something that you can’t put a price on. Contact us today to discuss your paper shredding requirements.
