Retirement plan administration has advanced in recent decades with the rise of the Internet and other digital technologies. However, that has made retirement plans a target for cyber criminals. Armed with stolen personal data, hackers now see trillions of American retirement dollars as a new favorite target. The retirement industry has had to strengthen its defense against cyberattacks and, as a natural extension of this effort, the due diligence practices of plan sponsor fiduciaries have entered the spotlight. The U.S. Department of Labor released new cybersecurity guidance for plan sponsors in April and is already making it a priority topic of audits as DOL underscores the “obligation to ensure proper mitigation of cybersecurity risks.” The DOL guidance includes: Tips for hiring a service provider with sound cybersecurity practices: These tips include asking about the service provider’s security standards, evaluating any historical breaches or litigation and seeking favorable contra...

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time. Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft. Employees and...

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time. Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft. Employees and...

HBS expands employee benefits offerings to protect employees from the consequences of identity theft HANYS Benefit Services is pleased to announce our partnership with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time. Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been mo...