Keytracker LTD

The True Cost of Lost or Stolen Assets

25-04-2023

On average, 25% of employees have lost important job-related assets, with mobile phones and memory sticks being the most commonly lost or stolen items. The cost of replacing these items can be significant, but there are also further-reaching consequences for businesses beyond replacement costs.

These consequences include data loss, loss of productivity, time spent recovering data, investigation and claim processes, cybersecurity risks, security and data breaches, company-wide password resets and security updates, potential fines for the loss of confidential data, the risk of damaging reputation, and the need for increased staff training.

It is recommended to regularly back up and encrypt devices, turn on anti-theft features, and use asset tracking and labels, like those provided by Keytracker, to prevent theft and track lost items.

What Counts as Stolen Assets?

Under the Theft Act 1968, a person is guilty of theft if he improperly possesses property belonging to another person with the intention of taking it permanently from him, and the terms "thief" and "steal" are defined accordingly. is interpreted as In the UK, 39% of his workers admitted to taking items from their workplaces. That's an incredible 10 million employees. As a result, the theft of seemingly insignificant company assets by employees, plus lost assets, can result in huge costs.

Total Cost Breakdown: Hidden Losses Associated with Stolen and Lost Assets

The real cost of lost or stolen assets can vary depending on the type of asset, its value, and the circumstances surrounding the loss or theft. However, some of the costs that can be associated with lost or stolen assets include:

Replacement cost: The cost of replacing a lost or stolen asset with a new one.
Repair cost: The cost of repairing any damage caused to the asset during the theft or recovery process.
Business interruption cost: The cost of lost productivity or revenue due to the loss of the asset. This can be particularly significant if the asset is critical to the operation of the business.
Insurance cost: The cost of insurance premiums that may increase due to the loss or theft of the asset.
Legal and investigative costs: The cost of hiring lawyers or investigators to recover the asset or pursue legal action against the perpetrator.
Reputational damage: The cost of damage to the company's reputation due to the loss or theft of the asset. This can impact customer trust and future business opportunities.

Reduce the Cost of Lost and Stolen Assets With Asset Tracking Systems From Keytracker

Overall, the real cost of lost or stolen assets can be significant and can have long-lasting effects on a company's bottom line and reputation. It is important for businesses to take measures to prevent and mitigate these types of losses, such as implementing security measures and training employees on proper asset management procedures.

At Keytracker, we specialise in the secure management of keys and other assets, to help your business mitigate the often-devastating cost of misplaced assets. Browse our product range today.

For more information on The True Cost of Lost or Stolen Assets talk to Keytracker LTD