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 document showcases some tips and trick for plan sponsors.
Topics include: Security Standards, Establishing a Formal Cybersecurity Program, Using Multi-Factor Authentication, Cybersecurity Insurance, and much more.
Per the 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
For more information, please contact Preston Englund at 402-461-4893 or .
Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment Advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser. IFP and Ridgeline Advisors are not affiliated.
The information given herein is taken from sources that IFP Advisors, LLC, dba Independent Financial Partners (IFP), IFP Securities LLC, dba Independent Financial Partners (IFP), and it advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and/or legal advisor before implementing any tax and/or legal related strategies mentioned in this publication as IFP does not provide tax and/or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Prepared by 3rd party.