Legal experts suggest specific steps we can all take to protect information and assets in our businesses. Plan sponsors will find these practical actions helpful, since plan data and assets make such juicy targets for cybercrime.
Mind The Gaps: Security Basics Everyone Can Implement
Every week brings more news of hacks, threats, thefts and other cybercrime. The information can be overwhelming— but of course, that’s no excuse for not increasing our cybersecurity know-how. There are essential best practices that every business and user can learn and act on routinely. The following actions, suggested by legal experts at Levenfeld Pearlstein, LLC, are a great place to start—for your company, your plan, your service providers and yourself.
Provide Adequate Company-Controlled Equipment and Support
Make sure remote workers are using company-owned laptops and other technology with built-in, pre-approved and acceptable security measures. Require appropriate VPN connections if/when personal devices are in use.
Use Multi-Factor Authentication and/or Cloud-Based Storage
Multi-factor authentication (MFA), strong password requirements for all enterprise applications, and policies against locally saving company materials to personal devices are all now considered best practices for everyone.
Secure Communications Technology
Protect employee and client communications as much as possible by selecting and paying for business-wide videoconferencing and other applications appropriate for communications. Then, make sure only these applications are in use.
Implement Proper Training
Continuously train employees to identify and prevent phishing attempts and other criminal efforts to enter the company’s systems, as well as to protect the information of clients, customers, and colleagues.
Choose A Three Point Coverage Solution
Keep in mind: as a fiduciary, you could be personally named in a lawsuit if a plan participant sues for a fiduciary breach—including breaches associated with cybersecurity. That’s why Colonial Surety Company provides affordable, comprehensive coverage packages for retirement plan sponsors. Just select a package and receive a three point solution for the times at hand:
- The ERISA bond required to protect the assets of the retirement plan from theft;
- Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach; and,
- Fiduciary Liability coverage to protect you and your assets from personal liability.
Colonial Surety Company provides user-friendly, digital, and direct service. You can easily and quickly purchase your bonds and related insurance coverage online—and instantly print or e-file them from your desktop—or anywhere.
Incident Response Plan: What’s Yours?
Every business should also draft and regularly update the incident response plan they would use to respond to a security breach. In the event of a data breach during remote work, employees should know who to contact and which resources are still available.
Do you have an incident response plan, is it updated and are you confident in it? If your retirement plan has a data breach, Colonial’s Cyber Liability coverage provides:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expenses
- Customer notification and call center services.
Colonial Surety Company is in business all across the USA. We are rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.