Millions of Americans fall prey to identity theft each year. Cybercrime not only affects the personal identity of employees but also poses a threat to sensitive company information.
How Can Your Employee’s Personal Identity Theft Affect Your Business?
Employees who are victims of identity theft experience a lot of stress that could potentially lower their productivity at work. The Federal Trade Commission (FTC) estimates that Americans spend several million hours every year resolving their issues related to identity theft.
Furthermore, the data in your employees’ official emails and bank accounts can expose sensitive company data and result in a security breach.
What Employers Can Do?
Most companies offer VIP security services to top employees and other security measures like fire and alarm systems for added safety. However, it is important for companies to understand that offering protection against identity theft is equally essential.
Manage Credit Cards and Bills
Credit cards can be issued for each employee for official use only. This will make it easier to monitor expenses and prevent identity theft. You can also offer discounted rates to employees for registering with a third-party agency for fraud security alerts.
Perform routine malware checks and install a robust anti-virus program on all computers. Also, make sure you frequently change the passwords of accounts with sensitive information.
Educate your staff about identity theft and the fundamentals of monitoring their credit report and tax documents for any discrepancies. Establish cybersecurity rules to avoid identity theft via hacking, phishing, and other cybercrime.
Why Are Employee Benefits Related to Identity Theft?
Offering protection against identity theft as part of employee benefits has a positive effect on the entire organization:
• Protection against employee lawsuits
• Improved morale and retention rates, leading to happier employees
• Prevention of targeted cyber attacks and other instances of corporate identity theft
The benefits of identity protection can result in engaged employees and peace of mind for employers. For additional questions about employee benefits and asset protection, contact the experts at Knight Insurance Services today. Our dedicated team is eager to assist you with all your coverage needs today.