The Implications of Holding On to Information Too Long
Do you have old and outdated business records but are afraid to get rid of them? You are not alone. Many businesses and organizations are afraid of getting rid of documents too soon. But prolonged records retention can cause a variety of problems. In this blog, we discuss the implications of holding on to information too long.
Holding on to information longer than necessary increases privacy breach risks. Documents with personally identifiable information (PII) and protected health information (PHI) can be intentionally or accidentally exposed to non-authorized individuals. Destroying outdated business records decreases your company’s exposure to identity theft and business fraud.
If your company is sued or involved in litigation, any documents can be subpoenaed, even those that have exceeded a mandated retention period. Disposing of outdated documents after they have been subpoenaed is against the law. Scheduled shredding of expired paper records ensures reduces your legal liability exposure. A mobile shredding provider can set up a document destruction routine that is customized to your business.
Cost and Administrative Burden
Document storage is expensive, especially when you are leasing office space. Space must be set aside for file cabinets and banker’s boxes, and someone has to manage the paperwork. Purging expired paper records can help you reclaim office space and reduce file-related administrative tasks.
The following state and federal regulations mandate the secure destruction of personally identifiable information (PII) and protected health information (PHI):
- The Colorado Consumer Protection Act (CCPA)
- The Health Insurance Portability and Accountability Act (HIPAA)
- The Fair and Accurate Credit Transaction Act (FACTA)
- The Gramm-Leach-Bliley Act (GLBA)
Failing to destroy records in accordance with these laws may result in stiff legal and financial penalties. A mobile document destruction company destroys your paper records and issues a Certificate of Destruction that documents your compliance.
Clutter can keep you up at night. Sticking to a final disposition schedule and destroying your records in a secure manner gives you peace of mind.
Now that you know the benefits of shredding your expired paper records, what are you waiting for?
Apex Shredding serves Northern Colorado with information destruction solutions. To learn more about our services, please contact us at 970-532-5007 or complete the form on this page.