FIGHTING CYBER FRAUD

An introduction to cyber insurance for recordkeepers

Since the days of the Pony Express, financial services businesses have faced elevated risk. The only difference today? The train robbers have been replaced by cyber criminals. In this new Wild West of digital finance, recordkeepers have to be ready.

In this new 24-page report from Lockton Affinity Advisor, you’ll discover how recordkeepers are facing an increased risk of cyber fraud targeted at participant plan assets. With recent claims setting new legal precedents, lawmakers are beginning to ask tough questions. You’ll also learn about the right steps you can take now to protect your plan and your business.

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    From inside the report

    PART ONE:

    Fighting cyber
    fraud

    “I didn’t make a distribution request!” …is probably one of the last things any recordkeeper wants to hear from a plan participant and a red flag that someone may have just lost their life savings to an online scammer.

    PART TWO:

    Two case studies of claims against recordkeepers

    “Did you hear? Another recordkeeper was sued for cyber fraud!” Recordkeepers are hearing this line a lot lately. But such stories often blur together. A deeper dive can help make sense of the type of cyber fraud incidents making the headlines.

    PART THREE:

    More questions
    than answers

    “Safeguards, risks and liabilities for plan sponsors and participants remain ill-defined.” High-profile cyber incidents have caused lawmakers to begin asking questions. Officials say they’re concerned about data, assets and the financial wellbeing of workers and retirees.

    PART FOUR:

    Risk management
    and insurance

    “What steps can recordkeepers take?” A new and evolving area of case law is taking shape, but recordkeepers don’t have to wait to shore up their cybersecurity. Taking these steps now can help minimize the risk.

    Get the full report now by completing the submission form above.