Cybersecurity: Is Your Data Protected?

Are you doing everything you can to protect your data?
EVERYONE in the company is responsible for Cyber Security because we live in a society that is dependent on electronic communication and transfer of data. The main issue in Cybersecurity is that there is no way to eliminate human error. Any size entity that operates in cyberspace is likely to experience one or more security events or breaches at some point in time, regardless of the effectiveness of the entity’s cyber security controls. 
Cybersecurity can be defined as the protection of data by addressing threats to information processes, storage and transportation of data over the internet. Mobile devices and mobile apps should be viewed as a primary threat in today’s business environment. Understanding this reality will help make companies aware that an effective cyber security risk management program will prevent most but not all security events from occurring.  Having a strong cyber security management program however will ensure a reasonable chance that security events can be detected, responded to, mitigated against, and recovered from on a timely basis.   So basically, an effective cyber security risk management program is one that enables the company to detect security events in order to prevent the same situation in the future.  
There are several simple changes that a company can make to help protect their data and systems. First education of staff on what to look for in order to detect a cyber breach by providing live or webinar/video series, constant updates on threats from society, constant messages of Being Aware, trust but Verify and Be Cautious and most importantly encouraging employees, if they see something, say something.  Make sure you terminate access in your systems for terminated employees that may be disgruntled. Annual audit of administrative accounts and monitor unusual network activity as well as online postings.
There are companies that provide Cybersecurity insurance which is designed to mitigate losses from a variety of cyber incidents. This may include data breaches, business interruption, and possible network damage from a cyber attack.  Contact your insurance carrier for more information.

Leisha Gosling has worked for over 30 years in the field of Defined Contribution Plan Administration. She graduated from University of Louisville with a Bachelor of Science in Business Management and from Sullivan University with a Master’s degree in Business Administration. Leisha joined RMS as a New Business Consultant in 2020. Her areas of expertise include qualified retirement plan administration and consulting, plan document underwriting, and compliance. She focuses the majority of her time at RMS on new client implementation and onboarding as well as marketing and new business initiatives. She also performs special research projects. Leisha has been awarded the designations of Qualified 401(k) Administrator and Qualified 401(k) Consultant from the American Society of Pension Professionals & Actuaries and Certified Employee Benefits Specialist from the International Foundation of Employee Benefit Plans.

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