Protect Your Employees From Identity Theft
In today’s world, it’s not uncommon for everyone to feel some level of concern surrounding identity theft. Headlines regularly tell of individuals who have fallen victim or large corporations that have experienced massive data breaches. To combat the concern and the reality of identity theft, many corporations are turning to offering identity theft protection benefits for their employees. Not only does it make benefits more competitive and attractive, it has real world benefits for both employee and employer.
Identity theft protection is assurance that if any of your employees experience a breach, their money and ‘digital reputation’ are safeguarded. Ongoing monitoring of online activities and new accounts enable individuals to be less concerned. If questionable activity arises an alert is sent and in the unfortunate case of identity theft, specialists take on the task of restoring that person’s identity. The initial impact of identity theft is frightening enough, but in addition to the immediate effects, there are long term consequences. Individuals, without protection, who are victims of identity theft are often harassed by debt collectors, denied credit, and find spending or new accounts that may have initially flown under the radar. Unfortunately, this leads to additional stress, and for employers it can mean a disengaged and less productive employee.
Studies show that 66% of Americans are concerned about identity theft and many express concerns about the security of their data within their companies. Protecting your organization and your employees can provide the additional support and reassurance not only that their data is safe but if a breach were to occur anywhere, they would be taken care of. This allows you to reduce potential stress to your employees, creating a more supportive, productive, and efficient environment.
In addition to the benefits identity theft protection can have for your current employees, it may also help with recruiting. In today’s hypercompetitive labor market, providing this additional benefit may help attract and retain the best. Providing identity theft protection encourages employees to feel that their needs are being considered, contributing to a positive, supportive office culture in addition to helping mitigate risk if your organization if found liable for a data breach.
When selecting identity theft benefits it is well worth researching and seeking out the best fit for your company, and your employees. While free options may be attractive, experts warn against them. Many provide very basic protection, and exclude important aspects of identity theft protection. Remember, when looking for a good fit you are not only looking at what will benefit your employees, but what will mitigate the risk if your organization is found at fault for a data breach.
In the end, Identity Theft Insurance may seem altruistic from the outside and provide an added perk for new employees, but it is the best decision in safeguarding your employees and organization from the negative effects of identity theft. Organizations who provide identity theft benefits to their employees not only see a rise in recruitment and retention, but in the face of a data breach, they are much less likely to be found financially liable.