Now more than ever, retirement plan recordkeepers are at risk of cyber fraud. But there are ways to minimize your exposure. Lockton Affinity’s Tom Schrandt recently penned an article for ASPPA’s Plan Consultant Magazine, offering cyber tips for recordkeeping professionals.
Tom is a Vice President, Partner and Producer at Lockton Affinity, where he leads the Lockton Affinity Advisor Insurance Program
Businesses in the finance industry are facing a new online risk as cyber attacks and geopolitics merge into a single threat. Cyber attacks have already been at an elevated level for several years. However, the latest geopolitical threat comes in addition to those existing risks of theft, fraud and vandalism.
The U.S. government has warned that geopolitical rivals from Russia to China,
Your financial services firm faces special risk when operating your business. In the registered investment advisor (RIA) industry, that risk is climbing. Last year, Charles Schwab Co., Inc., one of the largest financial services custodians in the world, sent a memo to their RIAs communicating new requirements for RIA insurance protection.
The Schwab memo emphasizes the importance of adequate insurance for protecting your
The current fiduciary liability insurance market is challenging, with some financial professionals finding it impossible to get coverage they can afford. To help provide a path forward, Lockton Affinity’s Tom Schrandt joins Josh Itzoe, CFP®, AIF®, on a recent episode of The Fiduciary U™ Podcast.
Tom is a Vice President, Partner and Producer at Lockton Affinity, where he leads the Lockton Affinity Advisor
As the administrator of the CyberLock Defense Insurance program, Lockton Affinity is always on the lookout for new resources that may help businesses reduce their risk of wire fraud.
Wire fraud is a significant cyber risk for business, because it can harm relationships with clients and customers and impact your insurability. Protecting against wire fraud is key, but standard transaction safeguards are often
Most registered investment advisors see any potential fraud involving computers as a serious risk to business, but fraud coverage within a cyber liability policy can vary.
Unlike RIAs, insurers don’t think of cyber risks like fraud as one single risk, but as many varied risks. Policy underwriters break out these risks into categories, offering more, less or no coverage depending on a number
A lot has changed about the way businesses work over the last few years, including a rise in the cyber risks from working from home for business professionals.
Most computer systems at big offices are well protected from everyday intrusions. Computers at home are not. This wasn’t as much of an issue until large numbers of business professionals began working from home during
Making regular and redundant backups is a simple practice you can implement to help protect against data loss and ensure the continuity of your business.
Regular and redundant backups are designed to provide a dual layer of protection:
Vehicle safety for businesses is a top priority. Every year, preventable accidents claim lives and cause millions of dollars in damages. By applying tried and tested safety standards to the operation of your vehicles, your organization can reduce the risk of accidents and claims.
The Department of Transportation has outlined safety standards for pre-trip and post-trip inspections for commercially
Data encryption is an essential tool that helps protect the confidentiality and privacy of your firm’s sensitive digital information during storage and transmission.
This complex technology automatically scrambles your data to protect it from prying eyes and unscrambles the same data so that you and other authorized parties can work with it.
Encryption works seamlessly in the background every day to secure data, including