There’s an alphabet soup of data security acronyms – PKI, VPN, PHI, PII, IDS – and if you’re not up on the latest threats and protection strategies, your organization’s data could be at risk. Data breaches can come at a high financial cost, with regulatory penalties topping $1 million in some instances. But the greater risk is your members’ security and trust. Organizations and companies of all sizes and in all industries have found themselves the target of prying cyber thieves. If you are still using homegrown technology to administer benefits, you may be particularly at risk.
No system is completely impenetrable, but there are steps you can take to improve your odds. Having a technology partner you trust to safeguard your data and give you sound advice on data security best practices is an essential fiduciary responsibility for Taft-Hartley administrators and trustees.