Protecting confidential information is not a “good to have” feature but it is rather a critical need. Confidentiality means keeping sensitive or valuable information from unauthorised disclosure. In reality, we all know that company's internal information is valuable. Without it, it would be rather difficult to monitor your performance, plan your business strategy, bill customers and remain competitive. Some companies have accumulated masses of data which they have used to drive organisational efficiencies or performance improvements. In Malaysia, large organisations’ records of at least 7 years are normally kept in physical storage warehouse.
But do we ever ask ourselves have we done enough to protect our most valuable information whether it is personal or business? You lock all your doors, you roll up the windows, and lock your vehicle, and you keep your wallet or handbag on you when you are out in public. But why would you leave personal or financial information exposed and vulnerable by either dumping it or selling it for recycling?
Most data leakage problems are invisible, to the extent that without the right solution in place it can be impossible to quantify the damage. Any information or data leakages from an organisation damages the company's reputation, credibility and consequently continuity of the business. Leakage of information may result in even up to 20 per cent loss in a company's revenues. These costs do not include indirect costs that result from brand damage, loss from customer trust etc. The source of leakage is normally unknown. As an example, it takes little time for an employee to leak client details or company information without the knowledge of management.
It may be the case whereby, we accidentally exposed our personal information by dumping credit card receipts in the bin etc. Every now and then, we are faced with identity theft fraud which is the unauthorised collection and use of your personal information, usually for criminal purposes. Our carelessness in dealing with confidential information will only be realised when it is too late to react.
Why is it that organisations in Malaysia would rather recycle than shredding papers? The answer is simple. It is all about collecting extra money for the employees in charge of managing company records. By right, customers' information which they claimed to be theirs should not be sold as it is logically not their property. In fact, the costs of papers incurred by organisations should be recycled back to the business and not for employees’ pocket money.
Sure enough by recycling, you would save the environment but what is stopping you from recycling the papers after been shredded? It is obvious that the value of papers would be less when it is shredded and employees would rather sell than paying for shredding service which involves management’s knowledge and approval.
Many people fail to understand that the value of information is by far much greater than the value of paper itself when it is recycled. The consequences of information being possessed by competitors, customers, suppliers and public as such can be very damaging. Employees may not be bothered if their organisation is being sued. It is therefore up to the top management to correct this and change the mindset of their workforce. In reality, employees should care as there will be a domino effect on them if the company loses money. Jobs may be lost as a result of negligence in taking care of confidential information.
Prior to April 2010, there was no Personal Data Protection Bill (PDPB) to penalise offenders. The introduction of PDPB which will be enforced soon however, should change the whole scenario and alter the policies of organisations. Companies would especially have to be careful when dealing with customers data. The consequences and penalties for it can be substantial and could go up to as much as RM500k.
Shredding own documents and outsourcing an external company to do it involves time and money, but one must bear in mind that information leakages can happen anywhere and steps should be taken to mitigate it. Employees may resent their bosses by exposing confidential information and are more than happy to make side income by selling the papers instead. Onsite shredding in particular is an effective waste-management process and benefits the environment as well as ensuring your confidential information is protected.
Information is not only valuable when it is held but also when disposing it.
