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Companies and Confidential Information

Many businesses have records of a wide variety of information. From employees social security numbers, to customers credit card information, to proprietary information about its own products and services, a company is responsible for a great deal of information. And this information needs to be kept confidential. Aside from various lawsuits the business might face if there is a breach, if such information falls into the wrong hands, it can be catastrophic for whomever the information is about.

For instance, criminals gaining access to bank statements, credit cards and other financial information can result in identity theft. Identity theft refers to a person stealing another individual’s identity in order to access certain resources like stealing the victims money or to commit crime. This is a very serious offence and if the person who has stolen the identity commits a crime, the person whose identity was stolen could be the one who faces the consequences. The FTC has offered advice to people on what to do immediately if they believe identity theft has occurred.

Another thing that can happen is that a business’s competitors could get a hold of trade secrets also known as proprietary information. A business that has earned its success on a secret recipe or special formula could be put out of business if they let the secret of their success known to other companies in the same line of work. It is very important that a company has not only the appropriate staff to help protect this kind of information, but also that they implement a thorough employee screening process and upon hire, require that confidentiality agreements be signed.

The credibility of a company is also at stake if unauthorized people can access confidential information. Once it is known that a company has leaked confidential information, people will almost certainly question the company’s trust worthiness. Reputation is always at stake which is why it is so important for a business or company to do all that they can to protect any and all types of confidential information.

In order for the company to safeguard any information pertaining to their business, customers or employees, employing someone with right back ground is very important. The business will need someone who has had plenty of training or better yet has completed an information security management degree program. They will be the ones to advise a company on how to best keep their information confidential. Some companies will even need an entire team depending on its size and how much information is actually being protected.

 

 

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