16.12.2017 10.24 UTC

Under current law, financial firms can play fast and loose with significant amounts of personal financial data. Employers are a key source of financial firms access to employees’ financial information (through employer-sponsored retirement plans). So, with employers already involved in providing employees’ financial information, what can employers do to protect that data.

Twenty-One Years After HIPAA Added Protections for Health Information, What About Financial Information?

Twenty-One Years After HIPAA Added Protections for Health Information, What About Financial Information?

Employers can play an active role in protecting employees’ financial data – and, have a roadmap for doing so by looking at HIPAA.

There are few rules under current federal law to prevent financial firms from exploiting individuals’ personal financial information. Employers are a key source of financial firms access to employees’ financial information (through employer-sponsored retirement plans). So, with employers already involved in providing employees’ financial information, what can employers do to protect that data?

28.11.2017 09.31 UTC

Your employees’ financial data is vulnerable – and not just to illegal hacking – but to your retirement plan provider. These providers also have powerful financial incentives – and plenty of opportunity – to use plan participants’ data to market (unrelated) financial products to these participants.

Data Insecurity: It’s Not Just the Hack

Data Insecurity: It’s Not Just the Hack

Employers need to pay attention to how retirement plan providers use participant data – and start establishing limits on how that data can be used.

Employers focused on data security need to look beyond computer hacks as they try to keep employees’ confidential financial information secure. Retirement plan providers have access to a wealth of plan participants’ data. These providers also have powerful financial incentives – and plenty of opportunity – to use plan participants’ data to market (unrelated) financial products to these participants.