Shredding for Compliance
Unfortunately, cases of identity theft and information fraud are on the rise in the United States. With the trend growing and the use of paper documents remaining the common way of storing records, the risks of information getting stolen is high. Why? All sorts of information is stored this way: financial records, medical records, student documents, banking information, etc. The possibilities are truly endless. The risks can seem that way as well, and not just from theft, there is also compliance fines to consider.
In order to help safe guard, the private information of everyone, there are a number of state and federal regulations in place. The state level regulations do vary depending on where you are, as you might expect, so it’ll be up to you to find out what they are. If you’re operating in multiple states, then you’ll be under multiple state regulations.
On the federal level, there are also multiple regulations to be aware of:
- HIPPA: The Health Insurance Portability and Accountability Act (HIPAA) is a Federal law to prevent abuses of personal health information (PHI), including unauthorized access. Destroying all discarded patient information is a very important requirement of HIPAA/HITECH.
- FACTA: The Fair and Accurate Credit Transaction Act (FACTA) is a consumer rights bill that became effective June 1st, 2005. FACTA is a federal law designed to reduce the risk of consumer fraud and identity theft caused by improper disposal of consumer information.
- GLB: Gramm/Leach/Bliley (GLB) legislates that financial institutions design, implement and maintain safeguards to protect customer information. It also applies to companies which handle personal financial information. The GLB Act affects many types of businesses including, but not limited to banking, legal profession, medical profession, accountants and CPAs.
The list above is not a full list of every federal regulation you need to know. For a more complete list check out our page about compliance.
So what happens if you fail to adhere to the regulations? Well, as the title suggests, there will be fines leveled against you. The only way to avoid these is to be in complete compliance. There’s no middle ground. One way to ensure you are in compliance is to partner with a certified secure document shredding provider, just like us here at BDRS. Our services are designed to keep you safe, and compliant while maximizing security and convenience.
Benefiting from our services is as simple as contacting us. Don’t risk compliance fines any more.