Planning IT Asset Disposition for Financial Companies

Nov 7, 2020

Data security is increasingly important for all businesses, because online interactions and commerce involving digital documentation is increasingly common. However, financial service businesses handle consumer information that is uniquely sensitive and must be kept especially secure.

Many financial service companies are in the position of safeguarding data that includes private consumer financial and identification information. Everything from credit card and bank account numbers to social security numbers and personal addresses must be shielded from potential data breaches and theft.

Because of the particularly sensitive nature of the information entrusted to financial service companies, developing a trustworthy and industry-specific strategy for IT Asset Disposition is absolutely crucial.

A certified ITAD vendor can help your financial company guarantee the thorough destruction of all sensitive consumer and business-related information on old equipment. Also, ITAD professionals can provide secure transport for out-of-use IT assets in a way that is environmentally conscious and in compliance with all regulations.

Finance Industry Data Security Regulations 

Again, because financial information is especially sensitive, many consumer protection regulations regarding data security are specific to those businesses that operate in the financial industry.

Gramm-Leach-Bliley Data Protection Act – The Gramm-Leach-Bliley Data Protection Act (GLBA) of 1999 requires all financial institutions and organizations, specifically, to maintain a particularly high standard of data protections for sensitive consumer information.

GLBA entails that financial businesses must document their specific consumer data security protocols and review those protocols regularly to ensure that there are no weaknesses or potentials for a data breach of consumer records. Pairing with a certified ITAD vendor can help your financial company proactively comply with the regulatory processes required by GLBA.

The Dodd-Frank Wall Street Reform and Consumer Protection Act – This detailed reform policy, enacted in 2010, works to protect consumers and avoid the potential for certain kinds of future economic recessions or collapses. One element of the Dodd-Frank act obliges financial companies to provide transparency to consumers about how sensitive information that has been entrusted to the company is destroyed securely.

Enlist the Services of a Certified IT Asset Disposition Company

Creating a plan for ITAD is incredibly important for financial companies because the regulatory and economic ramifications of improper or unsecure disposal of IT assets can be so severe. It is key to understand not only which devices contain sensitive information, but also how your company is required to dispose of them when they are no longer in use.

In order to be sure that your financial company is protecting its own business interests and remaining compliant with the wide variety of industry-specific data security regulations, it is important to choose a certified and reputable third-party ITAD provider. Working with a certified ITAD company allows financial companies to maintain a high level of consumer data security and provide transparency to consumers, in accordance with regulations.

Secure Enterprise Asset Management (SEAM) provides certified ITAD solutions in the Sioux Falls, SD area and also across South Dakota. We hold both the R2 Certification and membership with NAID, ensuring the highest standard in IT Asset Disposition for your financial company. For more information about our services or to request a quote, contact us at 605-274-7326 (SEAM) or visit us online.

SEAM provides IT recycling and data destruction services including onsite shredding and hard drive wiping to South Dakota, North Dakota, Minnesota, Iowa, and Nebraska.

Schedule a pickup or contact us for more information.