Data security

Plan sponsors would be wise to ask their healthcare vendors if they have insurance policies in place to cover data breaches and other risks, according to USI’s Paul King.

Retirement plan sponsors should develop a comprehensive risk management strategy that includes the periodic review of contractual protections with their TPAs.

Pension plans and welfare plan all store personal data on each participant and beneficiary, ranging from social security numbers and addresses to date of birth and health information. The more immediate and available personal data becomes, the greater the risk for a potential breach or unauthorized disclosure or access, as is evident from the cyber attacks on major retail operations, health care providers and the government.

The Strategic Insurance Agency Alliance partners with LifeLock to offer ID theft protection to employer-clients.

Offered as a voluntary benefit through a partnership with LifeLock, these new services address a growing problem and mounting interest among employers.

JD Powers of Powers Insurance and Benefits discusses cyber risks and how to protect against them.