A private health care exchange involves the sharing of multiple data points and technology platform security should be of utmost importance to companies that are utilizing, or considering, a private exchange. Ryan Keehn, Businessolver’s Assistant VP Information Technology, was recently interviewed by Brian Kalish, online managing editor for Employee Benefit Adviser, in a podcast tackling private exchange security. Ryan brought up five specific points that you should be discussing with your potential (and current) exchange providers to ensure that your data is secure.
No matter your position on Sony's capitulation to the threats of cyber hackers, it is clear we now have a new paradigm in cyber security.
It was only a few weeks ago I was having a conversation with a friend. We were discussing the risk – a risk inherent in the business of benefit administration – that comes with our responsibility for managing private, personal and health information about the individuals who use our systems to select their benefits. You may or may not be surprised to hear that there is now an open market for this information and that its value varies – as does any commodity – with supply and demand. A very interesting article, here, regarding the drop in value of credit card information immediately following the Home Depot attack, highlights the sophistication of the people who seek this data.
But this is small potatoes.
You can't afford not to invest in security awareness today. And you can't afford business partners that aren't focused on protecting your sensitive benefits data.
Everywhere you turn these days, it seems that another major retailer is highlighted in the media for a catastrophic data breach – think Target, eBay, and Michaels. But it doesn’t stop with major retailers. Plenty of healthcare and major insurance organizations have faced the same fate.
Recent breaches in data, like the one experienced by Target Corporation, highlight the need for cyber security now more than ever as more transactions take place electronically and cyber criminals continue to find ways to stay ahead of network security. When personal data is compromised, victims feel violated and helpless.