By working with a document destruction partner that also recycles all destroyed paper, businesses can be secured from fraud and sustainable by shredding all documents prior to recycling.
Unsecure practices in the workplace put the confidential information of company customers and employees at risk and may contribute to identity theft, a growing concern in Australia costing the economy around $1.6 billion every year, according to the Australian Bureau of Statistics. Human error by an employee is seen by almost half of small-business owners (46 per cent) and over a third of C-Suite executives (38 per cent) as the biggest security risk in terms of a data breach.* Businesses therefore have a responsibility to review internal practices to mitigate the risk of fraud caused by a data breach as part of the fight against identity fraud in Australia.
Customers and employees want to know that their information is protected by Australian businesses. There is a strong correlation between poor data security practices and data breaches therefore businesses must address the vulnerabilities in their workplaces if they are to mitigate the risk of both breaches and fraud.
We are calling on all organisations to not only address vulnerable areas in the workplace but to do the same for their vendor supply chain, including shredding and document destruction vendors, to make sure that they are operating in a secure manner. In particular, while more than half of all businesses (59 per cent) that work with external document destruction vendors say they do because it is more secure than the alternatives,* many organisations are still putting themselves at risk if they do not audit their service provider’s security practices.
Likewise, companies cannot afford to rely on destruction suppliers who are secure only in name but not in action. This International Fraud Awareness Week, we’re calling on businesses to challenge not only their information destruction partners but all of their suppliers to demonstrate what processes they have in place to make sure that information is adequately protected throughout the supply chain.
Businesses are advised to use International Fraud Awareness Week as an opportunity to review data security practices, both internally and with external vendors. Here are some of the most common risk areas for security breaches in the workplace,15 and how best to avoid them:
As part of the International Fraud Awareness Week, we have provided a quiz on where businesses can evaluate their fraud risk knowledge, and gain a better understanding of areas where improvements are needed. You can complete the quiz at: www.shredit.com.au/en-au/resource-centre/newsletters/shred-it-fraud-risk-quiz.
Tom Bell, Country Manager, Shred-it Australia