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Financial institutions must protect the privacy of their customers by ensuring that all sensitive documents and confidential information are destroyed once they are no longer needed. Document shredding is a vital part of this process. Thus, financial organizations must choose reliable and reputable on-site shredding service partners.

There are several benefits that financial institutions can enjoy by working with a professional document shredding company. Here are the reasons to hire a shredding company:

1. Prevent a Data Breach

Data breaches can be incredibly costly for a financial institution in terms of money and reputation. It is crucial to employ various security measures, including document shredding. A shredding company can play an essential role in data destruction. They ensure the proper document disposal of confidential data, such as credit card information, bank account information, and social security numbers.

There are several reasons data breaches occur. Sometimes, employees mishandle or abuse data, while in other cases, hackers manage to penetrate the security measures put in place by the bank. Whatever the cause, data breaches can be costly and damaging for a bank.

To protect your bank and customer data from breaches, it is essential to:

• Have a comprehensive data security policy - this should include measures, such as data encryption and password protection.
• Hire a professional shredding company - shredding services can help to ensure that all confidential data is destroyed securely.
• Train your staff on best data security practices - employees need to know how to protect confidential data and what to do if they suspect a data breach has occurred.

2. Protect Employee Data

Employees are one of the most important assets of any company. They are responsible for carrying out the company's day-to-day operations and handling a wide range of sensitive information. It is vital to protect employee data from theft or misuse.

One way to protect employee data is by implementing a data security policy. This security policy should include measures, such as data encryption and password protection. In addition, you should use paper shredding services to destroy confidential data once they are no longer needed. These policies will help ensure that sensitive information, such as phone numbers, is not compromised.

Employees also need to be trained on protecting sensitive information and what to do if they suspect a data breach has occurred.

3. Stay Compliant With Local Privacy Laws

Every bank is required to comply with local privacy laws. These laws dictate how banks must protect sensitive information and other confidential documents. These laws also state what banks can and cannot do with customer information.

One of the best ways to comply with local privacy laws is to use a professional shredding company. Shredding services can help to ensure that all confidential data is destroyed securely and effectively. They can also help ensure that your bank complies with all financial document destruction laws and regulations.

Contact us today if you want reliable and compliant document shredding in Markham. We offer various shredding services that can provide you peace of mind.

Did you know? The most significant data breach in history happened in 2022. Over a billion people had their personal information sold by an anonymous hacker on an online forum. The hacker was able to access 32 terabytes of data that was left unsecured for over a year. The hacker tried to sell the stolen data for ten bitcoins worth around $200,000 at that time.

Have Absolute Destruction Shred Bank Data Securely

Absolute Destruction is a leading provider of mobile shredders. They are excellent at protecting your bank from data breaches as they offer various services to protect you from data theft and other security threats.

Our document shredding services are reliable and compliant with all financial document destruction laws and regulations. In addition, our team of experts has trained on the latest data security best practices. We can help to ensure that your bank is protected from data breaches and other security threats.

Get peace of mind by having your bank's sensitive data destroyed securely. Contact us today if you have any questions about our shredding services or would like to schedule a visit.

FAQs on How Shredding Services Can Benefit a Bank

What are the recommended best practices for destroying data?

The best practice in the Destruction of data is to ensure that all copies and backup files of the data are destroyed. By doing so, it makes the Destruction irreversible. Meaning the data cannot be recovered and is beyond reconstruction.

How long are companies in Canada required to keep records?

Canadian companies are required to keep essential records for up to six years.

Is it possible to request documents to be destroyed before the retention period lapses?

If you wish to have your documents destroyed before the retention period, you must first seek approval from the Canadian Revenue Agency (CRA). However, this permission will only apply to records that the CRA administers. It's also worth noting that the CRA does not have the authority to approve the destruction of documents under federal, provincial, and municipal laws.