Subject: The Importance of Cybersecurity for Retirement Plans
Cybersecurity should never be an afterthought, but sometimes it is not taken seriously enough. With the ever-increasing risk of cyber-attacks, it is imperative that every company and every employee take threats extremely serious. PWC’s 2018 Global State of Information Security survey found that cyber attacks have been growing quickly and will continue to increase. With the prevalence of attacks it is imperative that companies ensure they have Cybersecurity processes in place.
Cybersecurity processes are put in place to protect both the individual user and companies as a whole from hackers, cyber criminals, and hacktivists, among others. Not only does a lack of cybersecurity in an organization affect the individual whose personable identifiable information (PII) may have been compromised; the average cost of a data breach to an organization is $6.5 million.
The law governing cybersecurity is developing and is currently a patchwork of state and federal regulations. There is no comprehensive federal law governing cybersecurity. However, there are many established state and federal laws that govern the financial industry’s use of financial information, as well as laws regarding personable identifiable information, giving TPA’s ample inspiration for best practices to implement and stay ahead of data breaches. TPA’s should ensure protections such as:
- Technology tools and measures to prevent and detect attacks and data breaches.
- Detailed processes and procedures to follow when sharing benefits plan and personable identifiable information.
- Proper authentication processes to ensure everyone accessing information is verified.
With the growing risk of cyber-attacks, we at EJReynolds take client privacy very seriously. In our efforts to protect the financial information provided by our clients and entrusted to our employees, EJReynolds, Inc. offers a Cybersecurity Commitment to give you the comfort and peace of mind when working with us.
Our Cybersecurity Commitment stems from the core principles of trust, integrity and ethics: We collect only client information that is pertinent to the services provided by our team. Thus, we have implemented security standards and processes including physical, electronic and procedural safeguards to ensure that access to client information is limited only to select employees who may need it to do their jobs.
- Secure file sharing links put in place to provide a safe & secure way to share sensitive information online.
- Advanced Firewall Security system protects computer networks from being attacked online by hackers, worms, viruses, etc.
- Use of Advanced Threat Protection (ATP), an industry leading threat protection network used internally to protect from malicious attacks.
- Two-factor authentication, 2FA, requires the user to have two out of three types of credentials before being able to access an account.
If you have any questions about our services and/or how we protect your information please feel free to contact us.