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Credit monitoring as an employee benefit

Quinn R Shamblin, Information Security Officer at Boston University | Feb. 24, 2015
Make it easy for people to take care of their financial health.

But even though this resource is available and easy to use, most people either don't know about it or only bother to check every few years.  So now let's shift tone from what you as an individual can do to what we as employers can do to help. 

We, as employers, can help provide a better way. Consider offering credit monitoring as an employee benefit.  Financial health monitoring right alongside physical health monitoring. It doesn't have to cost the enterprise anything more than the administrative costs to maintain the program. It can be offered as an employee-funded option on a pretax basis. I have seen organizations negotiate directly with one of the three credit reporting agencies for prices in the $10 range for credit monitoring all year, a very small out-of-pocket expense for the peace of mind of knowing that their credit is being actively analyzed and an alert will be pushed to them if something changes.

Organizations that have cyber insurance should consider working through their provider to negotiate the price, as this will likely result in a better cost for the credit monitoring itself and may result in lower insurance costs depending on your provider.  (This is a measurable positive element in security programs when viewed from the perspective of cyber security insurance underwriters.)

Credit monitoring helps to empower our people with better protections against threats to their financial health.  They are alerted as the earliest possible moment to issues that may be surfacing.  Timely information allows for timely response, easier defense and clean-up and, thus, more Convenient Security. 

 

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