Why do corporations care (and spend money) to educate employees about protecting personal identity?
After all, she continued, most businesses are profit-driven and only have time and resources to concentrate on initiatives that affect their bottom line. In effect, she answered her own question… Businesses educate their employees and even their end customers on identity theft because it positively affects the corporation’s bottom line (by lowering the costs of data theft). Here’s how organizations benefit: • Minimizing employee downtime. Serious individual cases of identity theft can take up to 600 hours in recovery time. Because banks and creditors are generally open when employees are at work, the employees are forced to recover on company time. Even if they only spend 40 hours during work recovering, this is a huge cost to the company. Roughly 10% of households will have to recover from identity theft at least once this year. • Personal privacy leads to professional privacy. How can corporations expect employees to care about the sensitive information they handle every day (custome
