Articles | August 28, 2024
The number of cyberattacks has risen dramatically in recent years. Moreover, the attacks are increasingly sophisticated.
Recognizing that reality, employers and benefit plan sponsors are continuing to grapple with their cyber-risk models to advance their controls and safeguard their confidential data, including private information belonging to employees and benefit plan participants. They are taking steps to limit the risk of falling prey to a cybercriminal.
To mitigate that risk, organizations should first quantify how much confidential sensitive and nonpublic data they hold.
Next, they should take a critical look at their cybersecurity defenses and compare them against best practices.
Insurance is an often-overlooked component. A cyber liability policy provides protection in the event of a data breach. The underwriting process for cyber liability insurance can be complex. Policies can vary significantly. The coverage considers an organization’s data protection processes and procedures. Cyber controls can determine the policy rates and terms. Annual policy reviews can help obtain the best rate.
Download the article here, with permission from the International Society of Certified Employee Benefit Specialists, the publishers of Benefits Quarterly.
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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
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