Concern rises over cyber attacks on suppliers
What CISOs Worry About in 2018
- 44% of respondents predict that a supplier will misuse orshare confidential information with other third parties.
- 42% worry most about a supplier data breach.
- 60% responded that their concern about experiencing a databreach 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 thecoming year resulting from a “failure to control third parties' useof our sensitive data.”
- 42% felt that “visibility into the sensitive data accessed& used by third parties” could drive improvement to theorganization's cybersecurity posture.
Cybersecurity Considerations for Benefit Plans1. Understand the data you are protecting.
- What specific data is needed by a service provider?
- How is the data is exchanged with the provider?
- Where is the data is stored?
- Who has access to the data?
- What data needs to be retained?
2. Keep an inventory of all benefit servicesprovider relationships.
- Recordkeepers
- Fund managers
- Third-party administrators (TPAs)
- Custodians
- Actuaries
- Auditors
- Trustees
- Advisors
- Consultants
- Other specialists, including automatic rollover and portabilityservice providers
3. Establish a framework for evaluatingservice providers' cybersecurity.HITRUST4. Conduct providerassessments.
- Provider self-assessments and responses to your questions
- Independent audits (ex. – SOC 2)
- Third-party security services assessment
- Direct audits of providers
5. Incorporate evaluation & assessment approach intofuture procurement activities
- Include standard, cybersecurity questions in your RFPs, andinto RFP scoring
- Incorporate security provisions into services agreements
MikeGoodeRCH
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