Express Business News

Unfortunately, document theft has become a growing problem for businesses. To protect your privacy, the government has passed laws for handling information, and more are on the way. Awareness of the problem and its ramifications and solutions is just smart business.

It's the Law
Improper disposal of important information can result in a security breach like the theft of intellectual property. In addition, there is a growing list of regulations that address information security, privacy and document retention that must be understood by businesses. Non-compliance can result in serious legal problems from violations of:

• FACTA [Fair and Accurate Credit Transactions Act]
  New law requiring anyone retaining consumer information for business purposes to destroy the personal information before discarding it.
• GLBA [The Gramm-Leach-Bliley Act]
  Requires banking and financial institutions across the United States to describe how they will protect the confidentiality and security of consumer information.
• HIPAA [Health Insurance Portability and Accountability Act]
  Requires healthcare providers and hospitals to protect patients' privacy and to ensure the security of patient/client health data.

Who Must Comply
These laws affect virtually all businesses. Your business is held responsible for protecting information if:

• You employ one or more people
• Your business keeps personal information on file for customers or employees
• Your business accepts credit cards for payment
• You buy or sell products on the Internet
• You do a credit check on an employee or potential customer