Stay Informed with CUTimes    Smart Use of Shredding Services:
Guest Opinion  Keep Sensitive Data From Falling Into the Wrong
Hands   Managing the destruction of customer and employee
records is critical to protect information from falling into the
wrong hands. Not only can a data breach impose a major
inconvenience on members of the credit union and cost thousands
of dollars in fines, but it can also diminish a financial
institution’s reputation and credibility. Bad publicity, legal
fees and law suits can cost your business millions of dollars.
According to the Ponemon Institute, in 2010, the average cost
per breach for a business was $7.2 million, compared to an
average per-incident cost of $6.75 million in 2009.  The first
step in implementing a document management program is
researching and understanding pertinent data privacy and
protection laws and regulations. In addition to federal and
state laws, depending on industry, businesses may need to comply
with other laws such as the Fair Credit Reporting Ac