Sobering Identity Theft Statistics Mean Houston Shredding Services Should be a Priority

Most businesses know identity theft is a problem, but very few realize howserious the problem is, particularly in Texas. Unfortunately, not every business is taking advantage of Houston shredding services to protect customers’ confidential information. This is disturbing for Texans, considering most government studies on identity theft place Texas in the top ten states for highest incidence of identity theft per capita per year. According to Baylor University, there was a 700% increase in identity theft between the years 2004 and 2005 in Waco, Texas alone.

The Cold Hard Cost of Identity Theft

The cost of dealing with identity theft passed the $57 billion dollar mark in 2006 and has grown at an alarming rate. Government reports estimate there are 27,000 new victims of identity theft every day, with one person becoming a victim every two seconds. What does this mean for your business? Plenty, considering the typical company spends at least 1,600 work hours cleaning up after each incidence of identity theft involving one of their clients. Not only that, conservative estimates say resolving each incidence of identity theft costs businesses between $50,000 and $95,000, and that is when there isn’t a lawsuit. If your company is sued because you didn’t properly protect your client’s personal information, the cost can go much higher.

Now consider how that time could have been spent if your company would have used a Houston shredding service to protect your clients’ personal information.

Here are some more frightening statistics about the cost of identity theft:

  • Identity theft is currently the fastest growing crime in the United States
  • If there is an information breach at your company, you will lose 20% of your clients immediately
  • 40% of your clients will seriously consider leaving due to lack of confidence in your ability to protect their identities
  • 5% of your clients will seek legal representation

The above scenario could be the result of something as simple as one page of personal information about a client in a dumpster finding its way into the wrong hands. It’s a seemingly minor mistake that could cause financial ruin for your company. The best way to protect your business is by making sure you protect your clients’ personal and financial data at all times

If you are in the Houston area, call a Houston shredding service to arrange for an onsite consultation to determine your company’s document shredding needs. Shredding all waste documents ensures no sensitive information leaves your building to find its way into an identity thief’s hands.