This article was published in The Business Desk.com
By: Joanne Birtwistle - Deputy Editor
Companies are running the risk of reputational damage by failing to protect confidential data, business owners will hear at an Institute of Directors event to be held this week.
Neil Percy, customer service and operations manager at document destruction company Shred-it, will be addressing delegates at an Institute of Directors breakfast seminar in Manchester on Thursday about a recent government report which estimates that the reputational damage inflicted by a data security breach could cost larger firms up to £250,000 in lost revenues.
Mr Percy will warn that company owners and managers have an obligation to protect the confidential information their business generates and run the risk of incurring large fines from regulators if they do not do so.
He said: "Low awareness among workers about what information is confidential, or even the simple failure to dispose securely of a blurred photocopy of a document containing a decipherable customer name and address could be enough to trigger a major crisis.
"It's also concerning to see that many businesses in the region are falling into the trap of confusing the recycling of documents containing confidential information with secure document destruction."
Darrell Matthews, regional director, IoD North West, said: "Directors and business owners have a responsibility to their customers and stakeholders to ensure their company acts as responsibly as possible in the delicate area of data handling. This is a good opportunity for IoD members to hear from an industry expert about the pitfalls and the responsible way to confidential information."