In this age of relying heavily on technology, it is vital to take the necessary cyber security precautions. You want to make sure that all sensitive information is highly protected. This post showcases some tips for plan sponsors.
Topics include: Security Standards, Establishing a Formal Cybersecurity Program, Using Multi-Factor Authentication, Cybersecurity Insurance, and much more.
Per the Department of Labor (DOL), plan sponsors should ask the service provider about the following:
- Security Standards
- Security Practices
- Security Policies
- Audit Results
- Security Validation Process
- Security Levels Implemented
- Past Security Breaches
- Cybersecurity Insurance
- Cybersecurity Guarantee
Per the DOL, plan sponsors should consider the following actions:
- Establish a formal Cyber Security Program
- Conduct annual risk assessments
- Hire third party to audit security controls
- Define and assign information security roles and responsibilities
- Establish strong access control procedures
- If data stored in cloud or with third party conduct security reviews
- Conduct cyber security awareness training
- Implement secure system development life cycle
- Create effective business resiliency program
- Encrypt sensitive data
- Respond to cyber security events
Per the DOL, plan participants should consider the following actions:
- Register your account
- Regularly monitor your account
- Use strong and unique passwords
- Use multi-factor authentication
- Keep personal contact information current
- Close or delete unused accounts
- Do not use free Wi-Fi
- Beware of Phishing attacks
- Do not store login information in your email account
- Use up to date anti-virus software
- Report identify theft to your employer and the record-keeper
To view the full DOL guidance, visit the department’s website https://www.dol.gov/agencies/ebsa/key-topics/retirement-benefits/cybersecurity
How Stonebridge Can Help
It can be a bit overwhelming to administer a company retirement plan, given all the documentation nuances let alone the deadlines! At Stonebridge Financial Group, we work exclusively with retirement plans and can help you with everything from designing to running your plan. Delegating fiduciary responsibilities can be a great solution for plan sponsors who lack time and the knowledge of ever-changing requirements to manage a retirement plan. At Stonebridge Financial Group, this is all we've done since our inception back in 2004! Our robust service offering starts with ERISA 3(21) and 3(38) services and is the tip of the iceberg. We are consultants that help you with every aspect of your plan:
- Ensuring participant retirement readiness
- 1:1 and group participant education and retirement readiness meetings
- Financial wellness
- Committee fiduciary training
- Process creation and documentation
- Plan design
- Contribution match modeling
- Annual plan compliance review
- And so much more
We become your outsourced retirement plan officer who dives into the morass of retirement plan details and resolves issues so you don't have to!
Please click here to schedule a short call, give us a call at (855) 530-0500 x601 or email info@stonebridgefinancialgroup.com. We look forward to helping your committee successfully fulfill their fiduciary duties with ease and excellence!