August 27, 2015
Data security is certainly a hot button item. In light of the more recent, larger data and information breach incidents, cybersecurity is at the top of our customers’ minds. Insurance providers and retirement systems hold a lot of very important – and personal – data. It is vital that information remains secure and accessible to only those who need it.
Benefits Magazine recently published an informative article about the steps and security gates that need to be in place in order for service providers to adequately secure electronic data. In the article, “What Fiduciaries Need to Ask Service Providers About Cybersecurity*,” authors Wyatt J. Holliday, CEBS, and David J. Fournier detail the numerous issues of data protection that go far and beyond the various security acts, like ERISA and HIPAA.
Whether you’re concerned about data, physical or personnel security, we recommend this article to help you perform a quick assessment of your own data storage processes. It also serves as a good reminder to contact your service providers and ask about the measures they are taking to protect your company’s data.
At LifeStatus360, your data security is one of our top priorities, and as an extension of your team, you can trust that we are employing the industry’s best cybersecurity practices.
Over the next several months, we will be taking our data protection efforts above and beyond what is expected of us. We have recently partnered with a 3rd-party agency that will conduct an audit of our current processes, procedures and controls; make recommendations and an action plan; and, ultimately ensure we are prepared for the SSAE 16 (SOC 1 and SOC 2) examination.
We are working on a number of new developments that will change the way we all think about the Death Audit market. We will soon be ready to introduce our plans and improvements, so please stay tuned for future announcements.
If you have more questions, or want to learn more about our data security measures, contact Chris Scaramastra at ChrisS@LifeStatus360.com.
*Benefits Magazine, Volume 52, No. 8, August 2015