Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Cybersecurity topic
No spam. Unsubscribe anytime.
Board approves one-time cybersecurity vendor assessment at reduced $7,500 rate
Summary
Trustees voted to authorize a one-time cybersecurity review of plan vendors, using FoxPoint to assess vendors against Department of Labor best practices; the one-time assessment was offered at a reduced fee of $7,500 and the board agreed it is voluntary, not insurance.
The board voted to authorize a one-time cybersecurity vendor assessment to evaluate plan vendors’ cybersecurity practices. Patrick Bone, introduced to the board to discuss the proposal, said the Department of Labor has a roughly 12-item set of cybersecurity best practices for vendors and recommended an outside survey. "Our CEO was willing to do it for 7,500, if that's something you guys were interested," Patrick said.
Staff clarified the assessment is a preventative review, not an insurance policy. "This is not insurance. This is a protection before you get to needing insurance," the staff member said, urging the board to consider cyber insurance separately. Trustees agreed to proceed with a single, thorough vendor review now and to decide later whether to repeat the check periodically or after vendor changes. The motion to proceed passed with board assent.
