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7 Benefits to Providing Identity Theft Protection to Your Employees

May 01, 2017

Among all of the security features a company needs in order to truly protect itself, it’s easy to forget about the most important aspect of an organization that needs to stay out of harm’s way – its people. Employees are becoming increasingly more vulnerable to cyber threats, just as your company is as a whole.

Did you know that when your employee’s personal identity is stolen, it can actually have majorrepercussions to your company’s bottom line? Did you know your C-Suite is at a higher risk for cyber crime due to their access to proprietary information, which can lead to corporate identity theft?

There are multiple reasons why identity theft protection should be an essential part of your employee benefits package. Let’s look at the top seven benefits to providing this service for your employees or allowing them to choose it as a voluntary tax-free benefit:

1. Reduced risk of corporate identity theft –

As mentioned above, one of the easiest ways for hackers to penetrate into an organization’s information systems is through their employee’s personal accounts. When your employees’ email credentials are breached, your companies’ risk of corporate identity theft increases, as well.

2. Reduced loss of employee productivity dealing with identity theft and restoration services –

If you subscribe to the ID Agent Blog, you know this is a topic we’ve written about before. However, with 17.6 million victims of identity theft annually, according to the U.S. Department of Justice, it’s worth mentioning again because the time it takes for employees to restore their identities can equate to lost productivity in the workplace.

3. Protection against targeted cyber attacks –

If one of your employees’ information is compromised, hackers can socially engineer their way into your organization’s systems. One way to do this is through a phishing scam, which is often used to target certain members of an organization, such as human resources employees or other high risk targets.

4. Protection against employee blackmail –

Your employees are likely your greatest assets, but this also means that they have access to proprietary information about your company. If unflattering information is exposed about employees, it can lead to a very catastrophic type of cyber scam known as insider threat.

5. Compliance with Information Assurance standards and new federal compliance obligations –

Upcoming regulations such as NIST SP 800-171 will determine how organizations handle Controlled Unclassified Information (CUI) and protect their data. Specifically, NIST will serve as the standard by regulators if a breach should occur, and will likely be incorporated by reference in new federal contracts

6. Improved employee recruiting, morale, retention and productivity –

Identity theft protection is an important employee benefit due to the growing number of publicized cyber incidents. With federal agencies like the FBI and Department of Homeland Security (DHS) experiencing major data breaches, it’s clear that everyone is at risk.

7. Employee cyber awareness and training –

By making identity protection a critical part of your company’s culture, you’re opening up the floor to educate your employees. Most people are not aware of the many different types of identity theft, or that their online footprint can have an impact on the company their work for.

ID Agent provides customizable identity monitoring services and protection that can easily be deployed to your employees as a benefit. Contact us today for more information on a package that will your budget.