4 reasons your employees’ personal information may be safer online
In today’s increasingly tech-centric world, it’s common to have a large digital footprint. From online shopping and banking to social media and streaming entertainment subscriptions, the Internet provides people with endless opportunities where sharing personal information is essential. Unfortunately, along with the ease that the Internet provides also comes a level of uncertainty. Consider this, in 2019 alone, there were 165 million sensitive records exposed and over 1000 data breaches in the United States.1
While the numbers can be alarming, misinformation around cybersecurity facts can lead to unnecessary confusion among your employees. Understanding the truth behind online security is an important way to make informed decisions on how to protect personal information. Here are four common cybersecurity myths and the truth behind them.
Myth No. 1: Keeping personal information online is entirely unsafe.
The truth: Many people assume that storing information online exposes them to a more significant potential for hacking and fraud. The reality is that multiple layers of protection may safeguard online data. For example, Voya takes numerous measures to protect online accounts—measures include implementing username and password requirements with limits on password entry attempts and multifactor authentication, customer verification, answering security questions when log-on attempts are made from unrecognized computers and timed logoffs to reduce the risk of others accessing information from an unattended computer. All of these tactics help keep would-be cyber thieves at bay.2
Myth No. 2: Big institutions can’t keep up with evolving cyber threats.
The truth: The companies that store data online know the trust you are putting in them to do so. Most of these companies work around the clock to keep apprised of digital security developments and try to provide the highest possible security standards for personal information. Digital security has come a long way, and institutions like Voya do everything in their power to utilize industry-leading technology to keep your employees’ accounts safe. Firewalls can help block unauthorized access to company networks, while strong encryption practices protect personal information as it travels virtually from an employee’s device to their banking system. Voya also keeps constant surveillance to ensure that only authorized access to accounts is allowed online. As far as in-person theft goes, Voya work areas are monitored and restricted to authorized personnel access only.3
Myth 3: If an employee’s retirement account is hacked, those assets will be lost forever.
The truth: Every online institution has different policies, but most do their best to ensure that any loss of assets due to a data breach is handled appropriately and with as little stress to the consumer as possible. At Voya, the Secure Accounts for Everyone ® (S.A.F.E.) Guarantee for Workplace Retirement Accounts assures customers that if any assets are taken from their retirement plan accounts due to unauthorized activity and through no fault of their own, they may restore the full value of those accounts subject to the participant satisfying a few keys steps. For more information visit https://www.voya.com/articles/safe-guarantee.
Myth No. 4: There is nothing my employees can do personally about cybersecurity when they keep accounts online.
The truth: Most institutions implement high-security digital standards like using firewalls and sophisticated encryption, but plan sponsors and participants also share in the responsibility to ensure digital profiles are as safe as possible. Personal cybersecurity starts with easy steps like:
- Ensure your passwords and PINs are strong and unique for each account
- Use an encrypted password manager to safely generate and store important login credentials
- Use two- or multi-factor authentication as much as possible across accounts
- Install malware security software on all devices to provide more protection from harmful viruses
- Log on to retirement accounts frequently to monitor for any fraudulent activity to catch issues as soon as they crop up
Although it’s true that online accounts are subject to potential cyber threats, as long as the proper steps are followed, creating online accounts actually can be very safe. Keeping your employees’ digital profile away from unwanted hackers starts with an understanding and high level of vigilance on everyone’s part. With Voya, you can rest assured that your retirement plan's online accounts are being properly monitored at all times.
1 Clement, J. (2020, March 10). Annual number of data breaches and exposed records in the United States from 2005 to 2019. Retrieved from https://www.statista.com/statistics/273550/data-breaches- recorded-in-the-united-states-by-number-of-breaches-and-records-exposed/
2 Safeguarding Your Data. (n.d.). Retrieved from https://www.voya.com/articles/safeguarding-your-data
3 Safeguarding Your Data. (n.d.). Retrieved from https://www.voya.com/articles/safeguarding-your-data