ID Experts' CEO discusses the true cost of identity protection on BenefitsPro

Why Investing in an Identity Theft Protection Service is the Best Monthly Subscription You Can Purchase

Following the success of a recent webinar on engaging employees in today’s digital landscape, BenefitsPro asked ID Expert’s CEO, Tom Kelly to weigh in on the true costs of identity theft protection and how it compares to other costs most companies pay without blinking an eye. As Kelly puts it, “[identity theft] is an invisible, silent crime with invisible, silent costs to your business, your relationships, and even your health. Around 5% – or 14.4 million Americans – fell victim to it last year. And even though insurance is both accessible and affordable, very few businesses and individuals protect themselves against the havoc it wreaks.”

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The good news for employers however is that mitigating the losses and damages from identity theft has never been easier. Many companies like ID Experts offer reasonably-priced identity theft protection packages that both scan for unusual or illicit use of an employee’s information, and also reimburse any costs expended in the process of restoring their identity. As Kelly puts it, “When you consider that, according to a 2015 study from the Bureau of Justice Statistics, identity theft costs victims an average of $3,533, it seems like a worthwhile investment to make.”

To give some perspective on just how worthwhile the investment is, Kelly compiled a list of common office and personal expenses and compared them to the cost of identity theft insurance including:

1. Office supplies
2. Coffee
3. Digital service subscriptions
4. Desks and chairs
5. Snacks

Thomas F. Kelly is president and CEO of ID Experts, a Portland, Oregon-based provider of data breach and identity protection services, such as MyIDCare. He is a Silicon Valley serial entrepreneur and an expert in cyber security technologies.