Risk management is an essential business practice which requires routine updating. Your company’s risk management strategy should be revisited on a regular basis to address evolving risks. One area in particular which should be reevaluated periodically is your IT asset disposition (ITAD) process. Here’s what you should know about factoring ITAD policies into your risk management strategy.
The importance of ITAD in risk management
Cybersecurity issues and data breaches continue to be major threats for businesses, but incorporating ITAD policies into your risk management strategy can help to safeguard your business’s private data. Cyber risks have been named the biggest threat to businesses in 2022, and from reputational damage to fines and business disruptions, recovering from these attacks can be difficult to impossible.
With that in mind, your risk management strategy should include a defensible ITAD policy that addresses risks related not only to cyber security, but also to e-waste. Taking steps to ensure your data and devices are handled in a safe and responsible way after they leave your facility will strengthen your company’s security, as well as its sustainability efforts.
As you build or refine your ITAD strategy, consider the following key points.
Considerations for integrating ITAD into your risk management strategy
- What type of data does your business collect from its customers, vendors, and other parties? What measures are in place to ensure all data is destroyed thoroughly and securely? Allowing old hard drives and other IT equipment to sit unused in a back room could invite risks, as would having just anyone come and collect your old electronics.
Regional considerations: Your company’s scope of risk will depend largely on its location. If your business is limited to a specific province, its risks may not be as significant as a company that operates on a global level.
Auditable protocols: When considering ITAD providers, be sure that the company offers a fully auditable process, which includes documented proof for data destruction. The company you’re considering should be qualified to perform data destruction and hold proper credentials, such as ISO or NAID certifications.
Regulatory compliance: What regulations apply to your business? These can vary depending on your industry, nature of business, and where your business takes place. For example, The Health Insurance Portability and Accountability Act (HIPAA) regulates data security for healthcare organizations in the U.S., whereas the General Data Protection Regulation (GDPR) is the data protection and privacy law for the EU. In Canada, the Canadian Consumer Privacy Protection Act (CPPA) is underway and will likely give consumers control over how their data is handled, which could also affect businesses’ data destruction protocols in the future.
Sustainability: While it may not be the core priority of your risk management strategy, your ITAD practices should still fit with your company’s overall values, which likely include sustainability. Check to verify that your ITAD company follows environmentally friendly practices — for example, that they have options for reuse and recycling.
As a trusted ITAD provider, Quantum holds the highest qualifications to provide you with the peace of mind in knowing your data is destroyed securely and thoroughly, as well as recycling certifications to ensure sustainability is also a priority. Find out more about our ITAD solutions here.