The Hidden Costs of Identity Theft: Why Identity Theft Protection Plans are Essential Employee Benefits

The hidden cost of identity theftIdentity theft is a growing problem in our modern world. As businesses transition to digital platforms, data breaches and cyberattacks continue to rise. Cybercrime cost the United States $6.9 billion in 2021. For businesses, identity theft can be an expensive problem to deal with. For employees, it can have life-altering consequences. There are hidden costs of identity theft, and these expenses are why identity theft protection plans are essential employee benefits.

The High Cost of Identity Theft

Identity theft can be an emotionally and financially devastating experience for employees. They may lose access to their bank accounts, be denied credit, and face legal problems if their stolen identity is used to commit crimes. In addition to these individual costs, there are also costs to businesses. Organizations must invest in technology and personnel to investigate the fraud and pay legal fees to defend themselves if the scam is related to their business operations.


The Hidden Costs of Identity Theft

The actual cost of identity theft for a victim may be difficult to quantify, but the aftermath of identity theft can result in a lifetime of hidden penalties. These may include lower credit scores, higher interest rates, missed job opportunities, and damage to one’s reputation. These costs can have long-lasting effects on an employee’s personal and professional life.

There are no limitations to this type of robbery. Identity theft can happen to anyone, at any time, and anywhere. As an employer, you have a responsibility to your employees to provide a safe and secure workplace. Offering identity theft protection plans is one way to support your employees and mitigate the risks of identity theft. An identity theft protection plan provides a range of services, such as credit monitoring, identity restoration services, and insurance coverage, to help cover the cost of any losses resulting from identity theft.


The Benefits of an Identity Theft Protection Plan

Identity theft protection plans help employees feel safe and secure in their personal and professional lives. It can also lead to increased job satisfaction and retention rates. These benefits can support the employer’s efforts to attract and retain top talent in a competitive market.


Choose an Identity Theft Protection Plan Carefully

When selecting an identity theft protection plan, HR professionals need to consider the needs of their businesses and their employees. Think about the types of services that are included in the plan, the level of protection provided, and the cost to the company. Compare different plans and choose the one that provides the most comprehensive coverage for the best value.

We encourage you to look at the benefits Countrywide Pre-Paid Legal Services can provide. Identity theft protection is serious business to us, and we offer various services to assist a victim in returning their security to normal.


Plans Made to Fit Employee Needs

High-tech and software companies will undoubtedly want extensive coverage, but that is not true for all employers. Basic Identity theft protection might be all a prospective client is looking for, or something in the middle. Countrywide makes the selection simple.

We have several plan options that permit an employer to pick precisely what the employees will need and use. It means the Countrywide benefit is cost-efficient and has services that employees will utilize if they are victims of cyber theft. All plan members are treated with respect, and our administration guarantees quick and reliable help.

Identity theft is a growing concern for businesses and their employees. The financial and personal costs of identity theft can be significant and long-lasting. By offering identity theft protection plans as an employee benefit, businesses can support their employees and mitigate the risks of identity theft. The benefits of identity theft protection plans extend to employees and employers. Countrywide can furnish your organization with just the right coverage to meet the needs of your workforce.

If you would like to start a beneficial conversation with us, please contact us at your convenience. We gladly explain all our services and promptly answer any questions.