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Needham retirement board to confirm whether town cyber insurance covers retirement system
Summary
Board members raised cybersecurity as a recurring conference topic and asked the finance department and counsel to confirm whether the town's cyber insurance covers the separate retirement system; the administrator said vendors offered presentations at MACRS and the board will consider inviting them after reviewing conference sessions.
Cybersecurity and cyber-insurance coverage for the retirement office surfaced as a topic during the Nov. 12 meeting.
Administrator Jacob Cole said cybersecurity has been a recurring theme at recent PERAC and MACRS conferences and that vendors had offered to present a policy to the board. Several members asked whether the town’s cyber-insurance policy extends to the retirement system, which the chair and others noted is a legally separate entity.
Tatiana Swanson (director of HR) said the town’s finance department manages insurance and that staff would ask whether the retirement board is covered. The board directed Jake to obtain a copy of the town policy, consult counsel (the name Michael Sacco was discussed) and report back at the Dec. meeting. Members agreed to wait to invite external cybersecurity presenters until they could review conference presentations and confirm coverage.
No decision was made about purchasing a separate cyber-insurance policy; members signaled they preferred to confirm coverage and seek counsel advice before taking action.
