The standard most frequently used by information security experts in the US is DoD 5220.22-M National Industrial Security Program Operating Manual (NISPOM) January 1995 (http://www.usaid.gov/policy/ads/500/d522022m.pdf).
Page 58 lists acceptable methods of disposing of all types of electronic and magnetic media that may contain confidential information.
For hard drives, acceptable methods include:
a. Degauss with a Type I degausser
b. Degauss with a Type II degausser.
c. Overwrite all addressable locations with a single character.
d. Overwrite all addressable locations with a character, its complement, then a random character and verify. THIS METHOD IS NOT APPROVED FOR SANITIZING MEDIA THAT CONTAINS TOP SECRET INFORMATION.
e. Overwrite all addressable locations with a character, its complement, then a random character.
m. Destroy - Disintegrate, incinerate, pulverize, shred, or melt.
Simply drilling or punching holes in the hard drive or pounding on the hard drive with a hammer leaves a great deal of data still on the platters that can be read with the proper equipment. Shredding or melting the drive is the method thought to be the safest. If planning on sending the drive to be shredded, it should first be wiped using at least method d. above or degaussed.
An excellent tool for wiping the hard drive is ‘Darik’s Boot and Nuke’, an open source program that may be downloaded and used for free from the SourceForge project page (http://dban.sourceforge.net/).
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My comments and opinions do not represent legal advice nor the opinions of my employer.