Identity theft costs Identity theft costs
In addition to the moral obligation an employer has to help protect their employees’ identities, they also have a financial one. When employees have their identities stolen, companies can pay big. In addition to the moral obligation an employer has to help protect their employees’ identities, they also have a financial one. When employees have their identities stolen, companies can pay big.
An employer can also expect employees who are victims of identity theft to miss a significant amount of work. The average amount of time required to resolve the repercussions of identity theft can take up to 200 hours — or approximately six months — per person 13 Gallup’s annual State of the American Workplace 2017 report found companies with low levels of engagement, when compared to companies with high levels of engagement, experience: 14 compared to companies with high levels of engagement, experience: 14 20% lower sales 17% less productivity from identity theft 21% lower profitability 20% lower sales 17% less productivity from identity theft 21% lower profitability Between 24% - 59% higher turnover 70% more employee safety incidents Between 24% - 59% higher turnover 70% more employee safety incidents An employer can also expect employees who are victims of identity theft to miss a significant amount of work. The average amount of time required to resolve the repercussions of identity theft can take up to 200 hours — or approximately six months — per person 13 Gallup’s annual State of the American Workplace 2017 report found companies with low levels of engagement, when
Courts are increasingly holding employers liable for the loss of their employees’ confidential information, even in the absence of a specific law requiring them to protect such data 35% of companies said identity theft- related attacks led to the loss of productivity and another 8% said the attacks damaged their company’s reputation 10 When employees have their identities stolen, they can become easily distracted at work due to the tremendous financial and legal burden placed on them: When employees have their identities stolen, they can become easily distracted at work due to the tremendous financial and legal burden placed on them: 32% of victims said identity theft caused problems for them at their place of work 11 More than 77% reported increased stress levels and nearly 64% said they had trouble concentrating at work and home 11 32% of victims said identity theft caused problems for them at their place of work 11 More than 77% reported increased stress levels and nearly 64% said they had trouble concentrating at work and home 11 It can cost your employees around $13,000 out of pocket to resolve issues stemming from medical identity theft 12 It can cost your employees around $13,000 out of pocket to resolve issues stemming from medical identity theft 12 Courts are increasingly holding employers liable for the loss of their employees’ confidential information, even in the absence of a specific law requiring them to protect such data 35% of companies said identity theft- related attacks led to the loss of productivity and another 8% said the attacks damaged their company’s reputation 10
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