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Identity Theft and the Business World

Identity theft is fast becoming one of the most abundant crimes in the United States. It seems that professional computer hackers and just your run of the mill garbage pickers have the ability to steal your information. But what does it mean for the business you work for? What does identity theft have to do with your workplace? When identity theft strikes an employee, his or her employer suffers consequences in the form of lost productivity and delays in finishing work assignments as the employee devotes time from the job during standard business hours to attend to the details that restore the employee?s identity. The time away from work an employee needs to fix the problems associated with identity theft can be substantial, as there are no quick answers to efficiently resolve the problem if the employee is on his or her own to fix it.

?Frequently, a victim spends hundreds of hours attempting to comprehend the extent of the damage and then taking the steps to rectify the situation. The employee feels the stress of paying legal fees, if they are required, which are clearly an unforeseen expense.? Carlisle said. ?The employee?s time off and distractions while at work take a toll on the employer, too.? Including identity theft protection in their employee benefits packages is a proactive step in informing employees about the impact of identity theft and the protection that the employer offers in the event that it happens.

An employee?s out-of-pocket payments for legal fees involved in restoring his or her good name and credit rating can equal or surpass the amount of money for a trip to the hospital owed by someone with no medical insurance. In addition, some employers have already enacted anti-identity theft and information security measures within their organizations. This is an emerging trend in business self-preservation. The employer?s liability to fail to enact such precautions is tremendous in the event a disgruntled employee uses or sells company information that is used to perpetrate identity-theft crimes.