September 22, 2023
In today's interconnected world, where data breaches and environmental concerns loom large, businesses are under unprecedented pressure to ensure compliance with a growing array of regulations. Non-compliance not only adds avoidable financial costs but also threatens legal repercussions and reputational damage. In the wake of IBM Security's 2023 Cost of Data Breach report revealing that breaches tied to non-compliance added an average of USD $239,000 to the overall bill – already standing at an average of $4.45 million – the urgency of staying compliant has never been clearer1.
At Shred-it, we understand the importance of this challenge for your business. That’s why in this blog, we'll explore the critical importance of staying up to date with key regulations, examine the consequences of non-compliance and provide practical tips for maintaining compliance in the world of hybrid working.
As sensitive information becomes increasingly central to business operations, regulatory bodies worldwide are tightening the reins on data privacy, security, record retention and environmental practices. Stricter regulations are the response to the escalating risks posed by data breaches and environmental concerns. Around the globe, penalties for non-compliance are reaching new heights, emphasising the need for businesses to prioritise adherence.
The potential consequences of non-compliance could be devastating for businesses on a number of different fronts. Beyond financial penalties, companies may face legal actions that can cripple their operations. Moreover, reputational damage resulting from non-compliance can erode trust among clients and stakeholders, further undermining long-term success.
Wherever in the world your business is based, there are a number of complex regulations in place for you and your staff to navigate. From establishing document retention policies to implementing secure document disposal procedures, here are our top tips:
● Simplify document handling: Streamline your document management process to help ensure proper handling of confidential files, minimise the risk of human errors and protect confidential information.
● Develop a compliant management plan: Create a clear step-by-step process that integrates compliant document management practices into your daily operations, and keep a compliance tracker.
● Ensure legislative compliance: Stay up-to-date with the latest guidance and regulations to make sure that your business upholds the highest standards of data privacy and environmental responsibility.
● Securely recycle shredded confidential files, hard drives and other physical assets: Recycle all shredded materials to help promote sustainability while maintaining security.
The rise of remote and hybrid work arrangements presents unique challenges for maintaining compliance. As confidential documents travel between, or sit at, home offices and hybrid workspaces, businesses must adapt their document security practices. Seamlessly integrating compliance measures into these new work environments.
Businesses can start this process by implementing secure digital document management systems that enable seamless access and controlled sharing of confidential files – as well as their destruction when no longer required. Businesses should also make sure to set clear, compliant guidelines for data handling, storage and disposal in both home and office spaces.
However, compliance isn't solely a concern in remote and hybrid settings. Traditional office spaces also require robust document security protocols. Clear guidelines for document handling, secure storage practices, clear desk policies and proper disposal procedures are essential components of a comprehensive compliance strategy. Regular employee training reinforces the significance of data protection and confidentiality, as well as creating an all-important culture of security awareness.
With over 30 years of experience, Shred-it is an expert in compliance. We make sure our comprehensive solutions are constantly aligned to the latest developments in information security and environmental legislation. Our confidential shredding services not only have compliance in mind, we provide online guides that can help you ensure that your digital and physical security practices remain in line with industry standards, through our Resource Centre. This means your business can prioritise security and environmental responsibility, laying the foundation for a safer and more sustainable business future.
Through our Shred-All and Secure Document Management policies, Shred-it can help make sure that all your documents are securely shredded when no longer needed, reducing the risk of a data breach. We also provide best practices for creating, implementing and reviewing your document management solutions.
In an era marked by heightened regulatory scrutiny, the significance of security and environmental compliance cannot be underestimated. Stricter regulations are a direct response to mounting data breach and environmental risks. The cost of non-compliance is heavy, both financially and reputationally. By adopting best practices and partnering with Shred-it, businesses can maintain compliance, tighten their operations and safeguard their futures. Our expert resources and compliant shredding services empower businesses to navigate the complexities of regulatory compliance with ease.
Contact us today to see how we can help your business prioritise compliance.
1. IBM Security – Cost of a Data Breach Report 2023