When implementing a retirement income solution, organizations must consider a range of factors. And because delivering income solutions involves the sharing of personal data, top of mind for any organization will be data security. Organizations need to have confidence not only in the security of their own data, but in the data transfer between stakeholder partners across the platform.
As part of our Implementation Playbook series, we’re examining the different considerations for organizations looking to implement new retirement income solutions, starting with Data Security.
Our checklist provides a useful overview of key considerations when evaluating potential partners to trust with your data.
Independent Certification and Compliance
- 3rd Party Audits: Do they perform regular 3rd party audits to ensure their systems are not vulnerable? And do they share the results of these audits and any remediation taken with you
- SOC2 Compliance: are they SOC2 certified? When working with any sensitive financial data, SOC2 certification is the gold-standard for data security.
Authentication Controls and Infrastructure
- Authentication Protocols: do they have rigorous data authentication practices for interacting with PII? This should include strong Single Sign On (SSO) capabilities with security controls in place.
- Cloud Infrastructure: are they leveraging top-tier cloud infrastructure providers to ensire their data and security controls are safe enough for the world’s largest firms?
Rigorous Internal Controls
- Data policies: detailed data policies are an indicator for strong data security literacy. Does the company maintain detailed data policies to ensure that data is categorized for proper access, storage, retention, and removal?
- Business Continuity: does the company maintain a strong business continuity plan to ensure the security of your data in the event of an incident or disaster?
Experience and Expertise
- Does the company prioritize expertise and experience in data security? Is there a Chief Data Security or Chief Information Security Officer in place with the experience and expertise to give you confidence that your data is secure?
Micruity’s technology is built from the ground with a focus on data security. We understand that delivering retirement income solutions depends on confidence not only in our own data security practices, but in the data sharing that necessarily takes place across our platform between product manufacturers, business partners, record keepers, plan sponsors, and plan participants.
And best of all, our seasoned security team is led by Chief Information Security Officer (CISO) Ed Dengler, who has over 20 years of experience as a CISO and experience in all matters related to IT security
Learn More: Understanding Data Privacy Sensitivities Across the Defined Contribution Industry