Though cybersecurity strategies tend to evolve year to year, there are some basic tactics plan sponsors can utilize to safeguard their plan participant’s personal information. Research indicates that roughly 62% of small and midsize businesses do not have a suitable, effective strategy to handle cybersecurity and protect their valuable data against cyber-hackers.
To assist you in crafting your up-to-date cybersecurity strategy, we’ve listed five tactics to help address cybersecurity.
- Identify your critical assets. Understand where your valuable data is stored and which individuals at your company can access your data, as well as the credentials to access said data. Not all staff need access to all important files; thus, only provide access to employees who need direct access to the information.
- Put clearer, firmer measures in place to protect your data. What defenses are currently available to safeguard your technologies? Take inventory of your current cybersecurity measures and determine which tactics have “holes” in them, and the best strategy to cover up any of these vulnerabilities.
- Determine how you can identify when cyber-attacks arise. Is there a system in place where you will be informed if any information is stolen, or an account was illegally accessed? Cyber-hackers do not usually leave notes detailing their presence, so you will need to keep an eye out for any suspicious activity.
- Once you learn your data was compromised, you must figure out how you will properly respond. Most companies frequently overlook this area. In addition, how are your clients and staff members informed when a data breach does occur? A communication plan is crucial for when you must be the bearer of bad news.
- Create a recovery plan. The best way to get back on your feet after a devastating incident like a cyber-breach is to determine where things went wrong and how you can continue driving your business forward.
Sensitive information such as addresses, social security numbers, bank account information, and the like, are like gems to digital treasure hunters. When powerful cybersecurity measures are disregarded, plan sponsors who manage employee benefit plans for their company are at risk. At Colonial Surety Company, we never want your company to be unprepared in the event a cyber-breach occurs. That’s why we have Cyber Liability Insurance for plan sponsors! Our cyber protection covers both the company and the company’s retirement plan. Cyber Liability Insurance is available in our two-to-three-year ERISA bond packages, which include ERISA coverage, Fiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of the coverage you can’t get anywhere else! Click here to get the coverage your company and its employees deserve.