4 Trends Shaping Cybersecurity in 2017

The threat of cyber attacks is increasing every day. Make sure you are stay up-to-date with all the recent news and trends happening in the world of cyber security so you can stay informed on how to protect yourself from cyber threats. Check out this great column by Denny Jacob from Property Casualty 360 and find out about the top 4 trends impacting cybersecurity this year.

No. 4: Growing areas of concern

Organizations with a chief information security officer (CISO) in 2017 increased to 65 percent compared to 50 percent in 2016. Staffing challenges and budgetary distribution, however, reveal where organizations face exposure.

Finding qualified personnel to fill cybersecurity positions is as ongoing challenge. For example, one-third of study respondents note that their enterprises receive more than 10 applicants for an open position. More than half of those applicants, however, are unqualified. Even skilled applicants require time and training before their job performance is up to par with others who are already working on the company's cybersecurity operation.

Half of the study respondents reported security budgets will increase in 2017, which is down from 65 percent of respondents who reported an increase in 2016. This, along with staffing challenges, has many enterprises reliant on both automation and external resources to offset missing skills on the cybersecurity team.

Another challenge: Relying on third-party vendors means there must be funds available to offset any personnel shortage.

If the skills gap continues unabated and the funding for automation and external third-party support is reduced, businesses will struggle to fill their cybersecurity needs.

No. 3: More complicated cyber threats

Faced with declining budgets, businesses will have less funding available on a per-attack basis. Meanwhile, the number of attacks is growing, and they are becoming more sophisticated.

More than half (53 percent) of respondents noted an increase in the overall number of attacks compared previous years. Only half (roughly 50 percent) said their companies executed a cybersecurity incident response plan in 2016.

Here are some additional findings regarding the recent uptick in cyber breaches:

• 10 percent of respondents reported experiencing a hijacking of corporate assets for botnet use;• 18 percent reported experiencing an advanced persistent threat (APT) attack; and

• 14 percent reported stolen credentials.

• Last year’s results for the three types of attacks were:

• 15 percent for botnet use;

• 25 percent for APT attacks; and

•15 percent involving stolen credentials.

Phishing (40 percent), malware (37 percent) and social engineering (29 percent) continue to top the charts in terms of the specific types of attacks, although their overall frequency of occurrence decreased: Although attacks are up overall, the number of attacks in these three categories is down.

No. 2: Mobile takes a backseat to IoT

Businesses are now more sophisticated in the mobile arena. The proof: Cyber breaches resulting from mobile devices are down. Only 13 percent of respondents cite lost mobile devices as an exploitation vector in 2016, compared to 34 percent in 2015. Encryption factors into the decrease; only 9 percent indicated that lost or stolen mobile devices were unencrypted.

IoT continues to rise as an area of concern. Three out of five (59 percent) of the 2016 respondents cite some level of concern relative to IoT, while an additional 30 percent are either "extremely concerned" or "very concerned" about this exposure.

IoT is an increasingly important element in governance, risk and cybersecurity activities. This is a challenging area for many, because traditional security efforts may not already cover the functions and devices feeding this digital trend.

No. 1: Ransomware is the new normal

The number of code attacks, including ransomware attacks, remains high: 62 percent of respondents reported their enterprises experienced a ransomware attackspecifically.

Half of the respondents believe financial gain is the biggest motivator for criminals, followed by disruption of service (45 percent) and theft of personally identifiable information (37 percent). Despite this trend, only 53 percent of respondents' companies have a formal process in place to deal with ransomware attacks.

What does that look like?

Businesses can conduct "tabletop" exercises that stage a ransomware event or discuss in advance decisions about payment vs. non-payment. Payment may seem like the easiest solution, but law enforcement agencies warn it can have an encouraging effect on those criminals as some cases lead to repeated attacks of the same business.

Many cybersecurity specialists argue that the best way to fight a ransomware attack is to avoid one in the first place. Advance planning that might include the implementation of a governing corporate policy or other operating parameters, can help to ensure that the best cybersecurity decisions are made when the time comes to battle a breach.

See the original article Here.

Source:

Jacob D. (2017 August 25). 4 trends shaping cybersecurity in 2017 [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/08/25/4-trends-shaping-cybersecurity-in-2017?ref=hp-in-depth&page_all=1


Benefits Technology: What do Employers Want?

Do you know which technology will be the most beneficial for your employee benefits program? Take a look at this article by Kimberly Landry from Benefits Pro on what employers should be looking for when searching for the right technology for the benefits program.

It’s no secret that we are in the midst of a revolution in how employers manage their insurance benefits. Enrolling and administering benefits was once a manual process involving plenty of paperwork, but much of this work has now shifted to electronic benefits platforms. A recent LIMRA survey, Convenient and Connected: How Are Employers Using Technology Today?, found that 59 percent of employers are now using a technology platform for insurance benefit enrollment, administration, or both. In addition, more than 1 in 3 firms that do not use technology are currently looking for a platform.

Brokers can provide value to their clients by helping them find a technology system that meets their needs. In fact, over one quarter of employers say their broker should have primary responsibility for researching and evaluating possible technology solutions. However, to do this successfully, it is necessary to understand what problems employers are trying to solve with technology.

The advantages of benefits technology tend to fall into two categories: improving the experience for HR/benefits staff and improving the experience for employees. While employers see the value of both aspects, it is clear that the desire for technology is driven more by HR needs such as reducing costs, improving management of benefits data, and reducing the time and resources needed to administer benefits, rather than employee needs (Figure X). In seeking technology, employers are, first and foremost, trying to make their own lives easier.

This provides insight into some of the key features employers are seeking in technology, many of which revolve around greater convenience in managing benefits. For example, 80 percent of employers say it is important for a technology platform to be accessible all year so they can use it for ongoing administration and updates, rather than a “one-and-done” enrollment system. Ongoing access is one of the top features employers look for in a platform, with sizable portions also specifying that they want a system that can enroll new hires and support ongoing life event and coverage changes.

I would love to find a product … that would allow us to reduce the amount of time that we spend during the enrollment process and also during the course of a year, adding employees or terminating employees.

—Employer with 65 employees (Voice of the Employer,LIMRA, 2016)

Similarly, 77 percent of employers want a technology system that can manage all of their benefits on the same platform, regardless of which carriers are providing the products. Consolidating benefits on one platform helps employers save time and allows them to quickly get a complete view of their overall benefits package in one place. In fact, employers that currently manage all of their benefits on one platform are more satisfied with their technology than those that don’t have this capability. Moreover, roughly 1 in 6 employers say the ability to handle all benefits in one place would motivate them to switch technology platforms.

Employers also want the convenience of a platform that integrates smoothly with other technology systems, including carrier, payroll, and HRIS systems. When it comes to carrier systems, employers want to feel confident that no errors are occurring in the data transfer and don’t want to spend a lot of time checking for mistakes.

Our HR benefits administrator has spent an exorbitant amount of time trying to, literally person by person, dependent by dependent, go through each little piece and figure out why somebody's kid is getting dropped…So I think I'd like to see those communications [work] a little bit better.

—Employer with 320 employees

Employers also want technology to integrate with their payroll and other HRIS systems so they do not have to make changes in multiple systems, which is perceived as time-consuming and inefficient.

And those two systems...they don't communicate with each other... Without that communication, it's almost like double work because if there's an address change or anything like that, you have to go to one system, then go to another, and that just seems broken to me.

—Employer with 32 employees

While employers are primarily seeking convenience for their own HR staff, it is important to note that they would like this value to extend to their employees as well. Overall, 85 percent of employers think it’s important that an enrollment platform be easy and intuitive for their employees to use. In fact, user-friendliness is often one of the first priorities that comes to mind when employers describe their ideal platform.

I want to make sure it's easy, as simple as possible, as fast as possible, and I don't want it to be a burden every year.

—Employer with 30,000 employees 

When it comes to selecting benefits technology, it is clear that convenience is key. By guiding employers to technology solutions that will make it quicker and easier to administer benefits, brokers can improve the experience for everyone involved and help the industry move into the future.

See the original article Here.

Source:

Landry K. (2017 July 21). Benefits technology: what do employers want? [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/07/21/benefits-technology-what-do-employers-want?kw=Benefits+technology%3A+What+do+employers+want%3F&et=editorial&bu=BenefitsPRO&cn=20170721&src=EMC-Email_editorial&pt=Daily&page_all=1


6 Promising Wearables Tips for Wellness Programs

Have you been trying to implement wearable technology in your wellness program? Check out this great article by Jessica Grossmeier from Benefits Pro for some great tips to know when integrating wearable technology into your company's wellness program.

Wearable devices can be a powerful element in a workplace wellness program. They add a fun factor to fitness challenges, and allow individuals to more clearly see the progress they’re making toward their goals.

A new report and video from the Health Enhancement Research Organization (HERO) identifies six promising practices for effectively integrating wearables into wellness programs.

Read on to find out how these companies increased participation in wellness programs and even decreased health cost trends for some participants.

1. Remove financial barriers

While many people have discovered the value of wearables, more than half of Americans still believe the devices are too expensive, and that may be enough to keep them from participating in a wellness program. Giving the devices to employees for free or at reduced cost removes a significant barrier and makes it easier for everyone to participate.

2. Choose culturally relevant incentives

Having goals can help drive change, and the data fitness trackers generate make it simple and fun to track progress toward those goals. Offer employees incentives for reaching targets, but make sure the incentives make sense for your workplace. For example, some employees may value prime parking or internal recognition more than a cash prize or a gift card.

3. Cultivate support at home

Convincing employees to walk more is easier if they have someone to walk with. When you involve spouses or domestic partners in the program, employees have someone at home motivated to hit the trail with them rather than settling in for an evening on the couch.

4. Get the details right

There’s a lot to consider when you add wearables to a wellness program, and it’s not always possible to think of everything before you start. Working out the details with a small pilot program creates an opportunity to identify challenges and opportunities, streamline processes, and set meaningful goals for the program once it expands companywide.

5. Shake things up

Wearables can add a fun factor to your wellness program, but even fun activities can wear out their welcome. It’s important to keep things fresh in your wearables strategy, so watch how employees use their devices, and change things up when you see an opportunity to increase engagement.

6. Keep your eye on the prize

Wearable devices show great promise, but a device isn’t a magic solution. Success with wearables requires planning. Before you hand out your first device, make sure you know what you want to accomplish, how the device fits in your broader well-being strategy, and how you’ll measure success.

The employers who participated in the HERO report saw increased participation in wellness programs — employees enjoyed using the devices. And at least one company saw decreased health cost trends for participants. They attribute their successful integration of wearables to these six promising practices.

See the original article Here.

Source:

Grossmeier J. (2017 July 31). 6 promising wearables tips for wellness programs [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/07/31/6-promising-wearables-tips-for-wellness-programs?page_all=1


3 takeaways from the 2017 Cost of Data Breach Study

IBM has just released their findings on their cost of data breaches study. Check out this great by Denny Jacob from Property & Casualty 360 and find out what they key findings from IBM research means for you.

As companies continue to infuse technology into their business models, they must also keep up with an ever-changing digital landscape. In 2017 and beyond, companies need to consider their cybersecurity practices.

As cyber attacks continue to rise in frequency and sophistication, companies should also consider where data breaches are occurring. For those looking to understand data breaches by country, the latest report from IBM Security and Ponemon Institute sheds light on such a topic.

Sponsored by IBM Security and conducted by Ponemon Institute, the study found that the average cost of a data breach is $3.62 million globally, a 10% decline since 2016.

To explore the complete report, visit the IBM Security Data Breach Calculator, an interactive tool that allows you to manipulate report data and visualize the cost of a data breach across locations and industries, and understand how different factors affect breach costs.

Or, keep reading for highlights from the study's key findings.

The costs by region.

In the 2017 global study, the overall cost of a data breach decreased to $3.62 million, which is down 10% from $4 million last year. While global costs decreased, many regions experienced an increase.

In the U.S., the cost of a data breach was $7.35 million, a 5% increase compared to last year. When compared to other regions, U.S. organizations experienced the most expensive data breaches in the 2017 report. In the Middle East, organizations saw the second highest average cost of a data breach at $4.94 million  an uptick of 10% compared with the previous year. Canada ranked third with data breaches costing organizations $4.31 million on average.

European nations experienced the most significant decrease in costs. Germany, France, Italy and the U.K. experienced significant decreases compared to the four-year average costs. Australia, Canada and Brazil also experienced decreased costs compared to the four-year average cost of a data breach.

Time is money when you're containing a data breach.

For the third year in a row, the study found that having an Incident Response (IR) Team in place significantly reduced the cost of a data breach. IR teams, along with a formal incident response plan, can assist organizations to navigate the complicated aspects of containing a data breach to mitigate further losses.

According to the study, the cost of a data breach was nearly $1 million lower on average for organizations that were able to contain a data breach in less than 30 days compared to those that took longer than 30 days. The speed of response will be increasingly critical as General Data Protection Regulation (GDPR) is implemented in May 2018, which will require organizations doing business in Europe to report data breaches within 72 hours or risk facing fines of up to 4% of their global annual turnover.

There's still room for improvement for organizations when it comes to the time to identify and respond to a breach. On average, organizations took more than six months to identify a breach, and more than 66 additional days to contain a breach once discovered.

Additional key findings.

  • For the seventh year in a row, healthcare topped the list as the most expensive industry for data breaches. Healthcare data breaches cost organizations $380 per record, more than 2.5 times the global average overall cost at $141 per record.
  • Close to half of all data breaches (47%) were caused by malicious or criminal attacks, resulting in an average of $156 per record to resolve.
  • Data breaches resulting from third party involvement were the top contributing factor that led to an increase in the cost of a data breach, increasing the cost $17 per record. The takeaway: Organizations need to evaluate the security posture of their third-party providers  including payroll, cloud providers and CRM software  to ensure the security of employee and customer data.
  • Incident response, encryption and education were the factors shown to have the most impact on reducing the cost of a data breach. Having an incident response team in place resulted in $19 reduction in cost per lost or stolen record, followed by extensive use of encryption ($16 reduction per record) and employee training ($12.5 reduction per record).

See the original article Here.

Source:

Jacob D. (2017 August 8). 3 takeways from the 2017 cost of data breach study[Web blog post]. Retrieved from address http://www.propertycasualty360.com/2017/07/05/3-takeaways-from-the-2017-cost-of-data-breach-stud?ref=rss&_lrsc=05d8112f-7bfb-4c4d-916f-0e2085debd9a&slreturn=1502379703&page_all=1


Beyond the Basics: Snapchat "Snap Map" Safety

Did You Know?

Snapchat is one of the top five social media platforms among young people, with approximately 150 million daily active users. While Snapchat is designed to be a fun photo, video and text messaging app, a number of features—particularly the Snap Map function—pose serious safety concerns.

What is Snap Map?

Introduced in a June 2017 update, Snap Map allows users to share their exact location with their friends within the Snapchat app. Snap Map gathers location data using a smartphone's GPS sensor and displays the time of day an individual is at a specific location and his or her speed of travel. This information is shown on a map that can be accessed when a user first opens Snapchat and pinches the screen to zoom out.

While Snapchat users can choose to share their location with selected friends, any posts users share on Snapchat’s “Our Story” feature will appear on the global map regardless of their privacy or location settings.

Safety Concerns

As with many apps that use geolocation features, privacy is a major concern. Many fear the Snap Map feature opens users up to the risk of stalking, burglary or kidnapping, particularly because locations in Snap Map can be viewed down to exact addresses.

Safety Tips

  • Edit your location settings by clicking the gear icon in the Snapchat app. From there, scroll down to the “See My Location” tab and turn on “Ghost Mode.” This will prevent others from seeing your location.
  • Be mindful of what you’re sharing on Snapchat, and avoid providing your exact location online.

Safety First

Snapchat is a popular app for young children. As such, it’s important for parents to speak with their kids about online safety. Children should be instructed to avoid sharing their location on any social media app, even if they think the information is only viewable by friends and family.

If you have other safety concerns related to Snapchat, you can submit them to the company here.

To download the full article click Here.


Is Data Collection Key to a Successful Wellness Program?

Are you looking for the key to unlocking a successful wellness program? Check out this article by Joseph Goedert from Employee Benefit Adviser and see how data collecting can be a great resource to use when creating a successful wellness program.

The collection and analysis of consumer data can provide insights to employers, including healthcare organizations, into their employees’ health status while offering the basis for information for the creation of wellness plans.

An individual’s buying habits, voting affiliation and voting history, television viewing, financial status, family status and social sentiments—which are the emotions behind social media mentions—together can give a view of the individual’s overall well-being, says April Gill, vice president of analytics solutions at Welltok, a vendor that offers health optimization services.

Social media mentions, for instance, can be analyzed to generate a sentiment score on the general happiness of an individual. A regular voter can indicate a person who may be active in community affairs and may be agreeable to accepting a walking program to improve health.

Consumer data, matched with health data like lab results, claims and biometric data, can be used to start making correlations that detail the healthcare needs of a person. The goal, Gill says, is to have a better understanding of an individual’s receptivity to joining a health program that can offer the highest probability of success.

If an individual subscribes to Netflix or other television services, data collection companies can see what television shows a person is watching and if they are a couch potato and need to exercise more. A person watching a lot of sports might be a candidate for suggesting a step program or playing a sport. A diabetic who often is online may be a good candidate for an online diabetes management program and to stay engaged in the program. “We need to offer resources in a manner that patients are ready for,” Gill asserts. These resources could come from an employer, health plan or provider organization.

Privacy laws may limit the types of health data that employers can see, but Welltok will work with local providers to identity employees to be targeted for health interventions. “We can get individual level data from providers,” Gill says. “It behooves employers to establish relationships with local providers.”

That relationship includes working with providers to move beyond a focus on utilization—tracking how many individuals participated in a certain programs, she advises.

But while data can paint a picture of wellness, there are many gaps in the available information, Gill cautions. A lot of commercial data is not identifiable, and sometimes the data is incorrect.

See the original article Here.

Source:

Goedert J. (2017 June 9). Is data collection key to a successful wellness program [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/is-data-collection-key-to-a-successful-wellness-program?brief=00000152-1443-d1cc-a5fa-7cfba3c60000


Employers Need to Protect Benefit Plans Against Cyberattacks

Is your employee benefits plan properly protected from cyberattacks? Here is a great article by Marlene Y. Satter from Benefits Pro on why employers must make sure that their employee benefits program is protected from cyberattacks and data breaches.

Think only credit card data and bank accounts are the targets of cyberattacks? Think again—because employee benefits data is in the hackers’ crosshairs.

That’s according to a report by the Society for Human Resource Management, which says that attacks on benefit plans can result in more than just loss of data for employers who fail to safeguard the information.

The report quotes Neal Schelberg, a partner with law firm Proskauer Rose in New York City, saying at the International Foundation of Employee Benefit Plans’ 2017 Washington Legislative Update in Washington, D.C. that employee health and retirement plans “are big targets and particularly susceptible to cyberattacks,” and warning employers to defend their plans against hacking attempts.

Schelberg pointed to some major attacks, including a June 2016 hit on more than 90 deferred-compensation retirement accounts of Chicago municipal employees. Hackers not only got personal information, but managed to pull money from 58 accounts, with the city losing $2.6 million that had to be replaced in participant accounts and also providing credit monitoring services to account holders.

Another big hit the very next month targeted a grocery workers union pension plan in St. Louis, with hackers demanding a three-bitcoin (about $2,000) digital currency ransom to return control of the United Food and Commercial Workers (UFCW) Local 655 pension plan’s computer servers.

Among the data at risk were employee names, birthdates, Social Security numbers and bank information. While the union refused to knuckle under and pay ransom (it had a backup system), it did end up footing the bill for a year of credit monitoring and theft restoration services.

But in another case, the University of Massachusetts Amherst was on the hook for a $650,000 penalty and had to follow a corrective action plan after a malware infection targeting the university's employee health care plan exposed the sensitive health information of 1,500 people in a potential violation of the Health Insurance Portability and Accountability Act (HIPAA).

Why so much? The Department of Health and Human Services found that the university had failed to accurately assess the risk of malware infection and adopt procedures to secure its data.

According to Schelberg, benefit plans “are particularly susceptible to cyber-risks because they store large amounts of sensitive employee information and share it with multiple third parties.” And even though security measures may not be foolproof, cyber-risks “can be managed.”

It could be argued, he said, that it’s actually within a plan trustee's fiduciary duties not only to prepare for a possible cyberattack but also to ensure that any breach results in as little exposure, and cost, as possible.

Some actions he suggested sponsors take to protect plan data include the following:

  • Developing and implementing a framework to address cybersecurity issues
  • Addressing third-party vendor vulnerabilities that could add risk, especially for electronic transfer of sensitive data to third parties
  • Backing up sensitive data, then storing it off network where it is not accessible to hackers
  • Boosting passwords, including adding multifactor authentication for accessing data systems
  • Increasing investment in security software and systems
  • Involving boards of directors more directly in security matters
  • Considering the purchase of cyberliability insurance

Sponsors must also be current on the HIPAA requirements for notification of people whose health information may have been breached, even if a third party is involved, as well as for ERISA requirements for notification and for other actions in the event of a security breach.

And in the case of ERISA, the process could be far more complicated than sponsors believe.

In the report, Kristen Mathews, another partner in Proskauers New York City office, was cited saying that benefit plans are affected by the laws of states where health plan enrollees or retirement plan participants live—not just the state where the company is headquartered or where the plan is administered.

She pointed out that pension plans could be affected by security laws in any state in which a retiree or beneficiary resides.

See the original article Here.

Source:

Satter M. (2017 June 9). Employers need to protect benefit plans against cyberattacks [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/06/09/employers-need-to-protect-benefit-plans-against-cy?ref=hp-news&page_all=1


Losing Sleep Over Benefits Technology? Get Over It!

Are you having a hard time figuring out all the different technologies associated with your benefits program? Read this great article by Linda Keller from SHRM on how to navigate through the different technologies associated with your employee benefits program.

It’s easy to get caught up wanting to deliver a sophisticated platform to engage your workforce. Many benefits technology solutions promise to make employees smarter consumers of health care through slick recommendation engines, bots, and avatars delivered on smart phones.

I advise you to keep these three things in mind when you evaluate benefits technology:

1. Technology won’t solve your millennial dilemma.
Right now Millenials make up the largest portion of the workforce.  HR professionals are scrambling to figure out how to best communicate and educate them about benefits. The fact is Millennials rely heavily on their parents -- not technology -- to make insurance decisions.  When the Affordable Care Act changed the benefits landscape by allowing kids to stay on their parents’ plan until age 26, it meant that these new workers didn’t have to take an active role in managing their benefits. They just deferred to their parents. HR needs to figure out how to appropriately involve parents in the benefits decision-making process, while ensuring they meet Millennial’s growing demand for non-traditional benefits. Some solutions may include call center support where questions can be answered prior to enrollment.
2. Technology is necessary to reduce compliance risk.
Labor laws are complex and fluid.  The future of ACA and its unpopular reporting requirements are unclear. I believe what is clear is that federal, state and local compliance requirements will continue to be a burden and risk for HR. Compliance falls on HR shoulders and the importance of well-kept records is crucial to avoiding fines and penalties. I advise beginning by automating processes that are currently manual and present the highest risk to your organization. If you continue to rely on manual processes for compliance, the odds of success are not in your favor.
3. Technology is not a strategy.
Employers will waste a lot of money on benefits technology if they don’t know what they want to do with it. Develop a clear strategy and roadmap first -- then consider how technology can enable your strategy. Determine your cost management and employee engagement goals and then figure out how benefits technology can help drive down administrative cost, create enrollment efficiencies and enhance communication and reporting.

See the original article Here.

Source:

Keller L. (2017 May 23). Losing sleep over benefits technology? get over it! [Web blog post]. Retrieved from address https://blog.shrm.org/blog/losing-sleep-over-benefits-technology-get-over-it


Helping Your Employees Protect Against Identity Theft

Are you doing enough to help your employees protect themselves from identity theft? Make sure to take a look at this article by Irene Saccoccio from SHRM on what employers can do to protect their employees from identity theft.

Social Security is committed to securing today and tomorrow for you and your employees. Protecting your identity and information is important to us. Security is part of our name and we take that seriously.

Identity theft is when someone steals your personally identifiable information (PII) and pretends to be you. It happens to millions of Americans every year. Once identity thieves have your personal information they can open bank or credit card accounts, file taxes, or make new purchases in your name. You can help prevent identity theft by:

  • Securing your Social Security card and not carrying it in your wallet;
  • Not responding to unsolicited requests for personal information (your name, birthdate, social security number, or bank account number) by phone, mail, or online;
  • Shredding mail containing PII instead of throwing it in the trash; and
  • Reviewing your receipts. Promptly compare receipts with account statements. Watch for unauthorized transactions.

It is important that your employees take the necessary steps to protect their Social Security number. Usually, just knowing the number is enough, so it is important not to carry your Social Security card or other documents unless they are needed for a specific purpose. If someone asks for your employees’ number, they should ask why, how it will be used, and what will happen if they refuse. When hired, your employees should provide you with the correct Social Security number to ensure their records and tax information are accurate.

If your employees suspect someone else is using their Social Security number, they should visit IdentityTheft.gov to report identity theft and get a recovery plan. IdentityTheft.gov guides them through every step of the recovery process. It’s a one-stop resource managed by the Federal Trade Commission, the nation’s consumer protection agency. You can also call 1-877-IDTHEFT (1-877-438-4338); TTY 1-866-653-4261.

Your employee should also contact the Internal Revenue Service (IRS), and file an online complaint with the Internet Crime Complaint Center at www.ic3.gov.

Don’t let your employees fall victim to identity theft. Advise them to read our publication Identity Theft and Your Social Security Number or read our Frequently Asked Questions for more information. If you or an employee suspects that they’re a victim of identity theft, don’t wait, report it right away!

See the original article Here.

Source:

Saccoccio I. (2017 May ). Helping your employees protect against identity theft [Web blog post]. Retrieved from address https://blog.shrm.org/blog/helping-your-employees-protect-against-identity-theft


Advisers Seek a Tech Solution to Financial Wellness

Have you been looking for a new solution to increase your client's investment into their financial well-being? Check out this great article by Cort Olsen from Employee Benefits Advisors on how advisers are using technology to help their clients invest in their financial wellness.

With many employers taking advantage of wearable wellness devices such as Fitbits and Apple Watches, advisers and consultants say they would like to see a similar platform that will efficiently monitor a person’s financial wellbeing.

“For physical wellness there are health assessments like biometric screenings to gather information and then there is the wearable data that tells people where they need to be to stay on track with their health goals,” says Craig Schmidt, senior wellness consultant for EPIC Insurance Brokers & Consultants. “The difference with the financial piece is that there isn’t a way to track users’ spending habits or monitoring their retirement funding to make their financial status more budget friendly.”

While Schmidt says he has not been able to find a platform that monitors financial status at such a personal level, John Tabb, chief product officer of Questis, has put together a platform that manages to gather data and make suggestions on what employees should be focusing their investments on such as paying off student loan debt or investing in their Roth IRA.

Tabb estimates that there are roughly 30 companies that call themselves financial wellness firms but adds that none of them are “holisitic.” “Not to say that they are not good, but there are only a handful of companies that can allow advisers at financial institutions to utilize their platform as a tool,” he says.

Saving for retirement vs. paying off student debt
Shane Bartling, retirement consultant for Willis Towers Watson, says they have developed a program with their clients that addresses gaps in the market and increases the value of the overall lineup of financial well-being services offered by employers generally around retirement readiness.

“As a result of requests from clients and the needs we have identified with our consulting work, we have built out a technology solution to compliment the line-up of other resources that clients have available,” Bartling says. “We wanted to find the indicators of poor financial wellbeing in the workforce, how to measure it and then how do we engage the parts of our workforce that are going to see the highest value from the resources we are providing.”

The WTW program offers clients an initial assessment from an adviser to determine where employees are struggling the most with their finances. “There is a way to look at behaviors employees are signaling when they are in a poor financial situation,” Bartling says. “They begin to do things like using loans, taking hardship withdrawals and then ultimately you see issues like wage garnishment tend to pop up on the radar and are opting out of the 401(k).”

SoFi has expanded its business focus from student loan refinancing firms into the workspace by helping employers offer a student loan repayment benefit.

“Looking at the employee benefits space today, student loans are generally a pretty big hole in most employers benefit offerings,” says Catesby Perrin, vice president of business development at SoFi. “The main stays of employee benefit offerings are healthcare and 401(k), which we all know are essential, but in many respects don’t address the most pressing financial concerns of the largest demographic in the workforce, which are millennials.”

Perrin adds that 401(k) and other forms retirement saving is imperative for everyone in the workforce, however retirement is not a top priority for millennials due to other financial stressors that are taking place in their day-to-day lives.

“As great as a 401(k) is and how important it is intrinsically, if you have $500 or $800 a month due in student loan payments, which is totally plausible for somebody coming out of undergrad today, the 401(k) is a total luxury,” Perrin says. “Most employers are not doing much about student loan problem, so we are offering two primary benefits today for employers… a student loan refinancing benefit and a benefit set for employers to help pay down the principle balance of their employee’s loan.”

Alternative tech gaining traction
One option is the increasing popularity of mobile push notifications. Ayana Collins, wellness consultant out of EPIC’s Atlanta office, says she is seeing a greater response from users who utilize these alerts on their smartphones to view wellness tips and strategies that they may not read if they are delivered in the form of an e-mail.

“Employees receive thousands upon thousands of e-mails and one more e-mail coming from HR or from a wellness company may not be opened,” Collins says. “If they receive a push notification from their mobile phone they are more likely to check out what financial wellness tips we are sending to them.”

Privacy invasion?
Meanwhile, new legislation determining how wellness plans are regulated has sparked a renewed interest in finding a streamlined financial wellbeing platform.

Shan Fowler, senior director of employer portfolio and product strategy at Benefitfocus, says legislation such as the Employer Participation in Repayment Act and the Preserving Employee Wellness Programs Act, will help fuel the creation of a financial wellbeing platform.

“Financial regulation is very similar to healthcare regulation,” Fowler says, “due to so many branches that are contingent with legislative support. Seeing bipartisan support for this national epidemic [has me feeling] very optimistic.”

However, employees may not be as enthusiastic. Many workers are concerned about the level of data employers could have access to, seeing it as an invasion of privacy, Fowler adds.

“I think you need to put yourself into the shoes of the employee and ask if I want my company to have access to my personal information,” he says. “That speaks to that very fine line employers have to walk of having their employees’ best interests in mind, but not going too far into a ‘big brother’ mentality.”

Tabb says that while the Questis platform does offer individual advice on financial direction based off an initial assessment, the data collected is stored in an aggregate form that protects employees’ personal information from being viewed by their superiors or colleagues.

“If the employer wants some data, they are going to pay for it to help them make decisions, but it is all on an aggregate level,” Tabb says. “There is certainly a perception that needs to be addressed to ensure employees that their data is safe and that nothing is being shared with their employer that does not need to be shared.”

Both Bartling and Perrin also say their platforms offer data to employers only in an aggregate form to give them an idea of how many employees are utilizing the benefit and also the projected success rates, but when it comes to the personal finances of each individual employee, security is in place to ensure private financial information is protected.

EPIC’s Collins says no matter what branch of wellness an employer invests in, whether it be financial, physical or mental, there needs to be a reason behind the technology that they are using. If there is no payout for the employee, there will be no demand to carry the program.

“There has to be a ‘so what’ behind it,” Collins says. “If the employer is just doing a simple challenge with nothing behind it, people are not going to gravitate toward it, because it doesn’t create a moment where the users discover an improvement to themselves. That is the whole point behind wellness.”

See the original article Here.

Source:

Olsen C. (2017 May 11). Advisers seek a tech solution to financial wellness [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/advisers-seek-a-tech-solution-to-financial-wellness