Growing Case for Financial Security Employee Benefits
Mar 26, 2018 | Employee Benefits Communication|
Almost every week, we read in the news of a company's data security breach, and personal information used for employee benefits is vulnerable to crooks and identity thieves.
It is not always the large companies, such as Target and Equifax, experiencing data breaches. It can be a mid-size or small business owner, too. According to Cybint, an international cyber-education company, 43 percent of cyberattacks target small business. No company is immune. Many data thieves do not care about the size of a company. They are most interested in getting as much personal information about others as they can.
Employers have a responsibility to keep the sensitive information regarding employee benefits and other personal data secure. Employees expect you to be interested in their financial security by offering proper safeguards to protect their information.
There is a direct bond to the well-being of your employees and their attitudes toward the security of their personal information. Employees should not have to worry that their privacy is being compromised by your missteps to protect them.
To ensure your employees are protected and happy with your efforts to keep them safe, here are some proper steps you can implement to protect their confidential information from thieves.
Keep Your HR Department Secure
Human resource departments can be a major target of many cyber threats because there are many different users involved in employee benefits administration. Cyber thieves are aware that HR departments house a variety of personal employee information. Make sure all information in your HR department is secure.
Since the HR department regularly handles sensitive employee data, such as social security numbers, bank account information, date of birth, and driver's license numbers, it has a crucial role in protecting sensitive information. All personnel in your HR department should have cyber threat training, continuously monitor your computerized systems for threats, and report any compromises to employee information.
Choose Secure Employee Benefits Partners
Many organizations utilize third-party administrators (TPAs) to manage employee benefits plans. It is important to protect the private information of participants in your employee benefits plan.
Plan sponsors who use TPAs should seek out service providers that have strong cyber security guidelines and protocols. Make sure fiduciaries fully explain security obligations and have a strategy in place to address a data breach and alleviate any related damages.
Get Acquainted with Data Mapping Technology
Companies need to always beware of where company data is being stored. Many companies are implementing "data mapping," a technology that identifies the apps and services that obtain personal data about the firm's employees, clients or partners in business. By realizing the apps that have frequent contact with personal data of the company, data mapping can identify possible weak points in the company's security measures and prevent breaches from occurring. When you map where sensitive data goes regarding your employees, you are protecting them.
Offer Identity Theft Employee Benefits
Many companies are finding out that offering an identity theft benefit to their employee benefits packages gives employees extra protection. Your employees have identity theft services available to help them if their personal information is stolen or breached at the office or elsewhere.
Stay Committed to Keeping Employees Safe from Cyber Attacks
Your employees put in long hours and sweat to ensure your company succeeds and in return, you should demonstrate that you are committed to their financial security by taking proactive steps to combat cyber threats to their personal information. They are looking to you to help minimize any cyber-attacks that might threaten their financial security in the workplace, and you should not let them down.