Identity theft is the unauthorized use of personal details that include credit cards, social security numbers, and other personal records. When criminals access your personal information, they can use your identity to open your accounts, get a passport, or commit some crimes.
In many cases, companies make it easy for hackers to access employee records when they don’t follow best practices in cybersecurity protocol. An example is when the management team and some non-management employees gain access to employee personal records, making it easy for criminals to exploit weak links.
Also, some employees don’t follow security guidelines as they access files from networks that are not secure. Luckily, companies and individuals can protect themselves by hiring services that prevent identity theft.
Below are the reasons a company should offer its employees identity theft protection:
To Protect the Organization’s Systems
When an employee’s data is compromised when at work, it means that malware can infect the company’s entire network. Innovative identity theft vendors help by reacting quickly to attacks while keeping the employees informed on the dangers. As a result, the modern application for core HR functionalities like payroll has inbuilt identity theft protection.
To Reduce Litigation Costs
When an employer’s actions lead to the identity theft of employees, they can face litigation. It is evident in the various lawsuits by states against the businesses that compromise customer and employee data.
Also, there is an increase in employer conviction since the courts increasingly side with employees when the employer compromises personal data. When you proactively invest in identity protection, you message that the company values the employees and takes steps to safeguard their identity.
To Protect the Reputation of the Organization
Since the world is hyper-connected, reputation is critical to ensure your business succeeds. You can lose your reputation when you take a hit from a data breach, security incident, or event that leads to customer or employee data loss.
When you make identity protection part of your company culture, you open the door for employees to learn. Many people don’t know the various types of identity theft or how their footprint online can impact the company.
To Retain and Recruit the Best Employees
For recruiters, it is always a challenge to hire the best talent. Most firms, therefore, gear up to provide various packages and additional benefits. To be competitive, you can protect your employees from identity theft. Besides, the easiest way hackers penetrate an organization’s information system is through your employees’ accounts. For example, when they breach your employee email credentials, the company’s risk of identity theft increases.