You’ve had many conversations about financial security with employers and clients, but have you talked about the potentially devastating implications of failing to consider cybersecurity?
The trends are alarming, especially from ransomware. In early 2022, the Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), National Security Agency (NSA), Australian Cyber Security Centre (ACSC) and the United Kingdom’s National Cyber Security Centre (NCSC-UK) issued a joint Cybersecurity Advisory based on growing threats.1 Trends they’ve seen include increased access to networks via phishing, a more “professional” ransomware market and increased targeting from ransomware groups on holidays and weekends.1
The message is clear: It’s crucial for individuals and organizations to remain vigilant against cybersecurity threats at all times.
Cybercrime has not slowed down. In fact, the techniques of these malicious actors, particularly regarding ransomware, evolved throughout 2021.2
The abilities of hackers to compromise the personal financial information of millions of Americans continue to fuel fears among corporations and consumers. Those who are concerned about protecting their finances and personal information from online threats might raise questions and concerns about just how safe their investments are in your cyber-care.
How can plan advisors and sponsors help address employers and clients’ concerns?
First things first: put a comprehensive cybersecurity plan in action. Don’t be vague about your protocols. Develop an exhaustive plan that details methods already in place to protect your network, assets, employees, clients and customers.
Document in writing how you’d mitigate attacks, taking all possible methods of cyberattacks into account, including phishing, ransomware and viruses. Be clear and thorough.
Similar to quelling market volatility fears, it’s wise to get ahead of potential issues or concerns by having proactive conversations with concerned clients or employer contacts about your best practices with regard to cybersecurity protocols. While highly technical conversations are generally not warranted, conveying what steps you’re taking for protection is often reassuring.
In addition, a discussion about cybersecurity double-checks could help give your company contacts or clients a heads-up about what they might encounter during transactions with you. Items on the discussion list might include:
Your particular protocols may vary from those listed, but the point remains the same: Leaning into a discussion about the security measures you put in place can go a long way to help alleviate concerns from employers or individual clients.
This conversation may also provide you with an opportunity to remind your contacts that they can take an active role in keeping their personal and financial information safe.
Consider sharing these suggestions:3
Protecting financial accounts from outside interference is a smart strategy for maintaining strong, trusted relationships.
We encourage you to stay current on trends in the industry by bookmarking our Insights page. There, you’ll find the latest market and industry thought leadership that’s important to your business and benefits programs.
SOURCES
1Cybersecurity & Infrastructure Security Agency, CISA, FBI, NSA and International Partners Issue Advisory on Ransomware Trends from 2021, February 9, 2022
2 Cybersecurity & Infrastructure Security Agency, 2021 Trends Show Increased Globalized Threat of Ransomware, February 9, 2022
3Ready.gov, Cybersecurity, March 15, 2022
CMRS-4835014.1-0722-0824