Mark your calendar: Data Privacy Day is January 28, 2021. As a matter of fact, go ahead and mark every day on your calendar as a day to respect and safeguard data, especially personally identifiable data—like the data in your retirement plan!
Data Privacy: Apply The Golden Rule
The National Cyber Security Alliance reminds us hat Data Privacy Day is a good opportunity to:
Highlight the ways businesses can ensure that privacy is a keystone of company culture, IT policy and employee education – all of which are pivotal in ensuring more effective privacy for the workforce in the long term. …It’s our mission to help people stay protected, prepared and vigilant about privacy and data hygiene in 2021 and beyond.
As a retirement plan sponsor, “The golden rule” is a fundamental mindset you can apply to the protection of retirement plan data. Encourage everyone else who has access to it, to do the same. Remember the golden rule? Treat others….The National Cyber Security Alliance recommends:
Tell your employees to treat the data they handle as part of their job the same way they’d want their own data treated. This more personal approach makes privacy more “real” and less theoretical. You don’t need your employees to know the letter of the law. You want them to take a principles-based approach to data privacy that they can use both at work and at home.
A fundamental aspect of protecting your retirement plan is securing the ERISA Fidelity Bond required by the federal government—and making sure that it is current and covers the plan at all times. As you work to further protect your retirement plan in this digital era, let Colonial Surety Company help. Just select an affordable coverage package and receive a full service solution that includes:
- 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.
Emphasize Risk Reduction
Create awareness about protecting the data in your retirement plan by helping your team (vendors, staff, participants, beneficiaries…) to understand the relationship between cybersecurity and data privacy. Try to provide specific examples that can incrementally increase everyone’s ability to reduce risks. Don’t forget, understanding “why” is a powerful driver of action.
For example, here are two questions/answers you can incorporate in your communications about safeguarding retirement plan data:
- Why should we avoid clicking on phishing emails? So private data doesn’t get exposed.
- Why should we avoid sharing too much information online? So it can’t be used to trick us with phishing
Of course, preparedness is another important aspect of risk management. In the event of a data breach impacting your retirement plan, are you ready to act quickly, expertly and with confidence? Here’s a simple answer: team up today with Colonial Surety Company—and you’ll have experts at the ready.
Just choose one of Colonial’s affordable, ERISA bond coverage packages for your plan and include the Cyber Liability coverage. Then, in the event of a data breach to your retirement plan, receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expertise
- Customer notification and call center services.
A leader in the field, Colonial Surety Company is U.S. Treasury listed, rated “A Excellent” by A.M. Best Company, and, licensed for business everywhere in the USA.