Data Protection for Retirement Plans

Are You Protecting Your Plan’s Data?

Keeping members’ private information secure has always been a high priority for plan sponsors. With cybercrime on the rise, data protection has become more challenging.

We cover the issues that plans are most concerned with:

  • Sources of data breaches,
  • Data breach costs, and
  • Managing cybersecurity risk.

Get the fact sheet. Stay informed.

Managing Cybersecurity Risk: Are You Following These Steps?

Follow these steps to assess and address your plan’s cybersecurity risk.

  • Review your technology and work processes for vulnerabilities — and fix them.
  • If you outsource administration or IT services, make sure your agreements clarify that the service providers are subject to the breach-reporting requirements of the Personal Information Protection and Electronic Documents Act.
  • Train all in-house staff who handle member data about the way cybercriminals exploit natural behavior to obtain information fraudulently.
  • Create or update an information security policy.
  • Have a current incident-response plan that outlines what steps will be taken in the event of a breach as well as each party’s roles and responsibilities.
  • Consider purchasing cyber liability insurance.

How Segal Can Help

Segal conducts IT Security Assessments, covering all aspects of IT security:

  • Network and remote access
  • Desktops and laptops
  • Mobile and removable devices
  • Servers and applications, and
  • Data storage, including cloud services, transmission and destruction.

We also examine physical security, policies and procedures, including your disaster-recovery plan, and staff training. Segal can help you develop a comprehensive incident response plan.

To learn more about how Segal can help you implement industry-standard security controls to protect the confidentiality, integrity and availability of your plan data, get in touch.

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