Cyber hacks, data breaches, and identity theft cases are, unfortunately, not as rare as they once were. As a result, many employers are considering offering identity theft protection services as a benefit to their employees. Experts in the benefit industry claim that this affordable benefit is highly-appreciated by employees and it can also act as a competitive advantage in a benefit adviser’s sales portfolio.
According to Corporate Synergies’ voluntary benefits specialist Nick Park, employee identity theft has been a growing concern and a frequent topic of conversation in the past year. A 2014 Identity Fraud Report issued by financial research firm Javelin Strategy and Research revealed that identity theft fraud claims a new victim every two seconds.
Park says that employers have approached his firm for information on the benefit throughout the year, usually when the identity theft incident happens to an employee or multiple members of their staff. This is a reactive approach, but taking the proactive approach and offering this type of cyber security to employees could actually help companies hire and retain staff.
According to Park, it should be easy for employers to offer this type of benefit to their staff, as “sometimes, when you introduce a product to an employee population in may be complex or confusing and people don’t understand it, they don’t understand the coverage type. [Identity theft protection] is something everybody understands.
At PL Risk Advisors, we understand the importance that identity theft protection plays in not only a robust Privacy and Network Security policy, but also in giving your client’s employees a peace of mind. In addition to reducing cyber security risks, this benefit could help your clients potentially reduce their Employment Practices Liability risks as well. For more information on our products and the professions we serve, please contact us today at (855) 403-5982.