Improperly discarded documents pose a significant security risk. Criminals can retrieve sensitive information easily by searching through general waste and recycling bins, allowing the opportunity for identity theft, financial fraud or corporate espionage.
A study from leading global financial infrastructure and data provider LSEG showed that identity theft affects millions globally each year. Fraudster's exploit discarded bank statements, employee records, and confidential contracts and the financial toll of this crime is immense, with losses reaching $52 billion in 2021 alone. However, its most devastating impact lies in the long-term impact it leaves on its victims.
Stat Infographic: $52 billion – The cost of identity theft in 2021
There have been multiple high-profile cases regarding improperly disposed of documents. These instances have led to leaked business strategies and legal issues for companies failing to adhere to GDPR and data protection laws.
Many individuals fall foul to one very common mistake when disposing of sensitive documents, and that is that they tear it up, or even worse, throw the entire document into a recycling bin. The reality is that without proper shredding, your sensitive data is at huge risk of finding its way into the hands of those who wish to use it for improper purposes.
Mitigating these risks requires education and investment in secure shredding solutions. That way, you can be sure that any confidential information is destroyed and of no use to anyone