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Concern rises over cyber attacks on suppliers

44% of respondents predict that a supplier will misuse or share confidential information with other third parties.
42% worry most about a supplier data breach.
60% responded that their concern about experiencing a data breach caused by a supplier had increased since last year, with 21% indicating that their concern had increased significantly.
51% felt that they were likely to have a data breach in the coming year resulting from a "failure to control third parties' use of our sensitive data."
42% felt that "visibility into the sensitive data accessed & used by third parties" could drive improvement to the organization's cybersecurity posture.

Cybersecurity Considerations for Benefit Plans 1. Understand the data you are protecting.

2. Keep an inventory of all benefit services provider relationships.

Recordkeepers
Fund managers
Third-party administrators (TPAs)
Custodians
Actuaries
Auditors
Trustees
Advisors
Consultants
Other specialists, including automatic rollover and portability service providers

3. Establish a framework for evaluating service providers' cybersecurity. HITRUST 14 questions

4. Conduct provider assessments.

5. Incorporate evaluation & assessment approach into future procurement activities

Mike Goode RCH

Instant Insights /