When you think of important employee wellness benefits, cyber security services should be top of mind, given the epidemic of data breaches in recent years.
Just consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people, according to the Federal Trade Commission. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft.
This epidemic means big problems for employees and employers alike — and a significant opportunity for brokers who can provide solutions that protect employees’ financial well-being.
When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or commit various types of fraud, both employees and employers pay a steep price. For example, according to Workspan, victims:
· Need 165 hours, on average, to resolve identity theft
· Are absent five times more than average
· Use twice as much sick time.
In other words, the identity theft resolution process is not only stressful for employees, it has a significant impact on their productivity at work. The reason is because without the assistance of an identity theft resolution resource, employees have to do a lot of leg work, such as filing police reports, writing letters and making trips to financial institutions to report fraud.
Also see: “7 reasons employees love identity theft protection.”
Throughout the process, many worry about the extent of the fraud and their financial future, since the resolution process can be so complicated and they don’t know what the outcome will be.
The broker opportunity
Fortunately, there are ways to reduce the risks and costs of identity theft. Identity and data defense services are a cost-effective voluntary benefit that can provide peace of mind for employees and employers alike. They can also help you:
- Create new revenue streams
- Educate clients around this valuable wellness benefit
- Strengthen client relationships
Elliott will go into greater depth on the topic of employer/employee challenges and broker opportunities on Feb. 28 in the panel discussion, “Why Identity Protection is Critical to any Financial Wellness Strategy” at EBA’s Workplace Benefits Renaissance.
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