Among the important recommendations in his piece:
- Train employees on the risk of data security breaches
- Monitor and maintain hardware and software on a regular basis
- Consider purchasing cyber security insurance
- Encrypt data
- Do national background checks on your employees (existing staff and new employees)
- Use proven data security technologies
- Make sure your vendors are taking the same precautions you would take.
Review Your Own and Vendor Practices
Plan sponsors should engage in a review of their own practices and those of their vendors and obtain appropriate assurances and representations from them.
Thank you, Richard, for sharing this information and important advice.