Secure Document Shredding for Insurance Companies: Protecting Confidential Records
You Give Your Customers Peace of Mind. Let Us Give You Some.
As an insurance company or an insurance broker, you provide your customers with the peace of mind that their assets are properly covered against loss, theft, or damage. Your relationship with your customers relies on transparency, confidentiality, and trust. And whether it’s property or life insurance, your customers expect you to keep their personal, private information safe and secure from the threats and risks of an information breach.
Not everything your organization collects, stores, or handles is digital. When financial information or year-end results are printed, or when reports or agendas are circulated for a meeting, they are at risk of getting into the wrong hands if not handled and disposed of properly and securely through document shredding.
That's why it's important to choose a shredding service provider that offers on-site document shredding services and industrial-grade paper shredders to ensure your confidential information is securely destroyed.
Every insurance company is at risk of an information breach regardless of size, type, or location and the consequences can be severe. A single breach can result in hefty fines, loss of customer trust, damage to reputation, and even legal repercussions. By outsourcing your document shredding needs to a professional, you can rest easy knowing that your confidential information is being handled with the highest level of care and security.
Your customers' private information deserves protection, and with a secure document shredding program in place, you can provide that protection while also meeting regulatory compliance requirements.
Recommended Information Security and Shredding Services for Insurance Companies
Protecting confidential information: The Importance of Secure Shredding for Insurance Records
Most businesses that work with private and confidential information are heavily regulated and governed. And laws designed to protect identities, financial data, and personal privacy come with strict rules – and strong fines for violating them. We can help you stay compliant.
In addition to your industry regulations governing information privacy, here are a few of the key information security laws that also apply.
The Identity Theft Penalty Enhancement Act
The Identity Theft Penalty Enhancement Act
Amends the Federal criminal code to establish penalties for aggravated identity theft for misuse of private information. Individuals caught and convicted of identity theft will receive 2 to 5 years of imprisonment.
Health Insurance Portability and Accountability Act (HIPAA)
Health Insurance Portability and Accountability Act (HIPAA)
Established to protect how patients’ health information can be used and disclosed. It governs the confidentiality of PHI and the secure destruction of any physical or digital data. Any violations are subject to fines up to $1.5 million.
Red Flag Rules
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
Recognize the Risks: Understanding the Importance of Insurance Shredding Services
If you create, collect, or dispose of these types of documents, you and your organization could be at risk for an information breach.
- Payroll
- Financial Statements
- Balance Sheets
- Income Statements
- Contracts
- Personal Financial Statements
- Tax Filings and Internal Audits
- Development Plans and Forecasts
- Personal Customer Information
- Social Security Numbers
- Healthcare Provider Numbers
- Medicaid/ACA Information
- Medical Records and Claims
- Healthcare Provider Payment Reports
- Accident Claims
- Personal Injury Reports