Wherever technology is involved, information security can’t be far behind. While we lean on technology to help streamline Annual Enrollment and benefits administration, and make the user experience more positive and personalized, we can’t ignore that technology also opens the door to personal data getting into the hands of the wrong people.
Cyber risk and data breaches have quickly moved from the occasional occurrence of a small shop or government institution that didn’t appropriately protect their information, to the normal topic of conversation when referencing well known household names. In reading a recent article by Alan Lyons in the New York Law Journal, “Finding the Right Level of Cyber Insurance Protection,” there was reference to how businesses today may still leverage more “traditional” types of insurance policies (like commercial general liability, commercial property, and employee dishonesty) and expect them to pick up the bulk of the costs in the event that they have a security breach. The reality of the situation is that things have changed--cyber liability is a real risk that has to be separately accounted for by an organization.