Vendor Oversight Seen as Key in Securing Plan Data

Andrew Liazos told a February 18 webinar that “data security is one of the top five issues” for the boards of employee benefit plan administrators, because “breaches are more likely to happen at the service-provider level.” Ann Killilea agreed, saying the only certain things in life are “death, taxes and data security breaches” and adding that to “effectively manage the data shared with their vendors,” plan fiduciaries need to “devise tools, such as privacy and security contract provisions, due diligence questionnaires and security report requirements.”