Failure to protect and secure confidential information may not only lead to the loss of business or clients, but it also unlocks the danger of confidential information being misused. A key element of confidentiality is trust. Employers need to prove to current and potential employees that they value their privacy and that their information is safe. To have information shared is not only a breach of privacy, but it destroys employee trust and can cause a loss in productivity.
Failure to protect confidential information from being disclosed can cause a multitude of problems for organizations:
- Potential Criminal Activity: When confidential information is misused to commit criminal activity, such as fraud, it inadvertently tarnishes a company’s reputation.
- Customers Expect Protection: From credit card information to family data, customers provide a lot of private information to the companies and businesses they work with.
- Privacy Law Compliance: The Personal Information Protection & Electronic Document Act (PIPEDA) is the federal law in Canada that establishes rules for how companies can collect, use and disclose information about individuals. When organizations or employers fail to protect confidentiality, they can face hefty legal fines for non-compliance.
- Loss of Competitive Edge: Staying relevant over competitors is an important element of business success. If your company has trade secrets or sensitive information that helps you stay competitive, you want to protect that.
- Decreased Morale: When confidential employee information is stolen, shared or disclosed without consent, it deteriorates employer trust, confidence and loyalty.
Data security is a sensitive topic. Any information about a client or employee demands a safe and secure setup, upholding all regulations. And when this information has been utilized for the purpose it was collected for, it has to be archived. Depending on the type of data, the archiving services provided include digital and physical archiving services.
Western Archives – Document Storage in Edmonton
Western Archives is a top document storage provider for businesses in the Edmonton area. Our team of expert staff will help keep your files safe at all times. Please contact us today to learn more!