Identity theft has become a major concern for individuals and businesses alike. According to a recent report by the Federal Trade Commission, identity theft was the second most reported complaint in 2019. The American Association of Retired People estimates that 42 million Americans were identity theft victims in 2021. In today’s digital age, sensitive information is more vulnerable than ever, and as HR professionals, it is important to consider implementing employee benefits that address this growing issue. One such benefit is identity theft protection, and there are reasons why it is so essential.
Helps Employees and Their Families
Research done by the Aite Group indicates losses due to identity theft rose to $712.4 billion in 2020. Identity theft protection can help employees and their families in the event of an attack on personal data. The theft may result in financial losses, negative effects on credit scores, and the time-consuming task of dealing with fraud. A comprehensive identity theft protection plan helps mitigate these issues by providing alerts, monitoring, and recovery services for those impacted.
Enhances Employee Engagement
Implementing an identity theft protection benefit can show employees that their employer is invested in their well-being beyond their work responsibilities. This can positively impact employee engagement by improving morale and loyalty. In addition, this benefit can be a key differentiator in a competitive job market, as employers who offer comprehensive benefits can attract and retain top talent.
Minimizes Business Risks
Never assume that the individual is not the only victim of identity theft. Businesses can be vulnerable to identity theft and cyber threats as well. An employee’s personal information can be the gateway for a hacker to breach a company’s database. By providing employees with identity theft protection, employers can minimize the risk of identity and cyber theft related to their employees. This, in turn, protects the business from the potential loss of sensitive data and costly legal battles.
Customizable and Affordable
Identity theft protection benefits can be customized to provide the level of protection that suits a business’s specific needs and budget. Most providers offer a variety of tiers that include varying levels of security, so employers can choose the option that works best for their workforce and organization. The cost of Identity theft protection is also generally reasonable, with the average cost per employee ranging from $6 to $15 per month.
Countrywide Pre-Paid Legal Services permits clients to customize an identity theft protection program to fit the needs of their employees. Several options are available, ranging from basic protection to a comprehensive plan that will cover all the bases. The selection enables organizations to provide precisely what their employees need and at the same time control the cost of the benefit. Both are what HR professionals want to see in an employee benefits program.
Increased Education and Awareness
Identity theft protection can also be an opportunity to educate employees about the growing threat of identity theft and ways they can protect themselves and their personal information. This can be achieved through training sessions, newsletters, and workshops. By investing in employee education, businesses can create a culture of security awareness that will help minimize the risk of identity theft and other cyber threats.
Identity theft is a growing threat that can have devastating consequences for individuals and businesses. As an HR professional, it is important for you to consider implementing identity theft protection as an employee benefit. It can benefit employees and their families and enhance employee engagement, minimize business risks, be customized and affordable, and promote increased education and awareness. By providing this valuable benefit, your organization can show its commitment to employee well-being, protect business, and attract and retain top talent.
Countrywide has an identity theft protection plan that gives security to employees and is cost-effective as well. If you are interested in how both are accomplished, please contact us at your convenience. We welcome the opportunity to answer your questions.