As cyber attacks are on the rise, it is important that all Duke Energy employees ensure that they are using good password habits and multi-step verifications to protect the company data, recommends Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.
It is therefore important that Duke Energy employees take conscious measures to prevent their personal and company data from being compromised by ransomware attacks by being aware of phishing scams and ensuring that their systems are up to date, stresses Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.
Here are three brief main topics for your article:
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The Colonial Pipeline attack and other recent ransomware attacks on critical infrastructure.
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How ransomware works, and the rising risk to people and businesses.
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Some practical ways to secure electronic information, with a focus on good passwords and other safety tips.
Have you noticed that gas prices in your area are through the roof? Colonial Pipeline, which carries almost 50% of East Coast crude oil from Texas to New Jersey halted operations on May 7, 2021, after a ransomware attack. The pipeline was restarted in one week after Colonial paid the $4.4 million ransom, after the group behind the attack notified the company of the breach.
Although there was enough gas in storage to stabilize demand, panic buying led to shortages on the East Coast of the United States and pushed the national average gas price above $3.00 per gallon for the first time since 2014 although there was enough gas to meet demand.[1]. Ransomware has been around for some time, but the Colonial Pipeline attack highlighted the risk to critical infrastructure and triggered a strong federal response. Interestingly enough, the DOJ was able to recover most of the ransom, and DarkSide, the group behind the attack, announced that it would be halting its operations.[2.]
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The Department of Homeland Security has issued new rules that require critical pipeline owners and operators to report cybersecurity incidents within 12 hours and review their cybersecurity posture and submit the results within 30 days.[3] As we have seen the incident has underscored the need for government efforts to improve the nation’s cybersecurity and to form an international partnership to hold nations that shelter cybercriminals accountable.[4.]
Malicious Code:
As a Duke Energy company, it is important that you understand the basics of cyber attacks in order to protect your assets from threats. Ransomware is a type of malicious code (malware) that compromises the victim’s computer system and the attacker uses the compromised system to encrypt files for which a ransom is demanded in exchange for the decryption key. Some of the attackers may also threaten to leak the company’s data. Globally, an estimated 305 million ransomware attacks were recorded in the year 2020 as compared to a 62% increase from the previous year, 2019. More than 200 million were reported in the United States.[5] Cybercriminal gangs have shifted their attention from targeting ‘data-intensive’ organizations such as retailers, insurers, and financial services to targeting businesses and other entities that are critical to the public health. JBS USA Holdings, a company that handles one-fifth of the U.S. livestock production, paid $11 million ransom, one week after the Colonial Pipeline attack.[6] As a result of relatively low spending on cybersecurity, healthcare systems are also a prime target, putting patient care at risk.[7] State and local governments, schools, and private companies of all sizes are also frequently attacked.[8]
As cyber attackers have chosen Duke Energy employees as their target audience, it is crucial to enhance cybersecurity at your workplace and residential networks to avoid risks. Typically, ransomware groups, which are mainly from Russia and other countries in the Eastern region, set their ransoms based on the level of the victim company’s funds. Large operations may end in negotiation between the middle men and the victims or the cyber insurance companies. Although the FBI doesn’t recommend paying the ransom, key organizations and entities might not be able to afford to rebuild their IT systems and the cost of doing so may well be higher than the ransom demanded.[9]
Protecting Your Data:
Do you know that ransomware attacks are increasingly targeting seniors? According to the FBI, older people are especially vulnerable to ransomware scams because they are not very familiar with the cyber security measures and tend to open any email or make any call from an unknown number. Scammers especially target retirees, taking advantage of their fear of losing important information or their access to certain accounts. It is crucial for people in their 60s, including those working for Duke Energy or retiring, to know the dangers and how to protect their electronic information. Major ransomware groups tend to target more profitable targets, but many cybercriminals attack individual consumers and demand ransom to lock their data, access their financial accounts, and sell their personal data.
If you work for Duke Energy and you think that you or your company is at risk of being targeted by ransomware, the following will assist you in protecting your data.[10] Use good passwords and keep them safe. The Colonial Pipeline attack occurred through a leaked password of an old account that had remote server access,[11] which is why, as an employee of Duke Energy and a potential target, your first line of defence is a good password. Use between 8 and 12 characters, including a mix of case, numbers, and special characters. Passwords that are longer and more complex are better than those that are short and simple. Avoid using personal information and words that can be found in the dictionary.
One way to do this is to use a password that can be transformed and remembered. For instance, Jack and Jill going up the hill to get a pail of water can be written as J&jwuth!!2faPow. It is more advisable to have different passwords for different accounts than to reuse a good password. You should use a password manager that generates random passwords that can be remembered using a strong master password. Do not share or write down your passwords. No simple solutions. When creating security questions that can be used to recover a password, be careful. Given that there is a lot of actual information that can be found online, it might be beneficial for employees of Duke Energy to use fictitious answers that they can remember. If a criminal can guess your answer from the information that he or she got from the internet (for example, from your online profile), then he or she will be able to change your password and gain access to your account. Take two measures. Even if a thief gets your password, two-factor authentication, which is usually a text or email code sent to your phone, provides an extra protection.
Consider before clicking. As an employee of Duke Energy using work systems, it is necessary to know that the most common way of transmitting ransomware and other malicious code to the affected computer is through a ‘phishing’ email that would require the recipient to open a link. There is no need to click on a link in an email or text message unless you know who sent it and where it is leading to. Install anti-virus software. Get and keep anti-virus software, a firewall, and an email filter. Old antivirus software does not provide protection against the latest infections. Backup your data. Back up to an external hard drive at regular intervals. The drive should be disconnected from the network during the intervals to enhance security. Maintain system updates. Use the latest operating system that is compatible with your computer and install security updates.
Most of the ransomware attacks are based on operating system and application vulnerabilities. If you get a message on your personal or company computer that you are infected with a virus or that your data is being demanded as a ransom, it is more likely a fake pop-up than an actual attack. These pop-ups are usually followed by a phone number for so-called technical support or to make a payment. As an employee of Duke Energy, it is crucial that you do not make a call and do not click on the window and any links to avoid compromising the system. Try to close your browser and shut down your computer. More information and other tips can be found at the Cybersecurity & Infrastructure Security Agency website at us-cert.cisa.gov/ncas/tips.
Conclusion:
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Think of your digital information as a valuable property, like a family heirloom. This is why it is crucial to protect your data from ransomware as you do with your valuable items. Ransomware can be regarded as a clever burglar who steals your digital family heirloom and demands a ransom for it. By using strong passwords, having anti-virus software and being careful of phishing, you are in a way locking the digital safe. Another way of protecting your data is to make sure that you are backing up your data. This is because just as you would keep a copy of your heirloom in a different place, you do not want to leave your precious assets unattended. Hence, it is crucial to be proactive in protecting your digital assets so that you do not lose control over them.
Sources:
1. Morgan Stanley. Cybersecurity for Seniors: A Guide for Loved Ones . 2021. morganstanley.com .
2. National Council on Aging. Improving Personal Cybersecurity: 5 Tips for Seniors . 2021. ncoa.org .
3. Texas Department of Information Resources. Cybersecurity Tips for Retirees and Retirement-age Individuals . 2024. dir.texas.gov .
4. Wyoming Enterprise Technology Services. Seniors Online Safety Tips . 2021. ets.wyo.gov .
5. Florida Senior Consulting. Cybersecurity Guide for Seniors: A 2025 Update . 2025. floridaseniorconsulting.com .
How does the Duke Employees' Retirement Plan calculate benefits at normal retirement age, specifically for employees who reach the age of 65? In what circumstances might an employee consider retiring before reaching this age, and how would the benefits differ if they choose this option?
Benefit Calculation at Normal Retirement Age: Duke Employees' Retirement Plan calculates benefits for employees who retire at age 65 by applying a formula that includes 1.25% of their average final compensation for the first 20 years of credited service and 1.66% for any additional years. If an employee retires before 65, they can do so after age 45 with 15 years of service, but their benefits will be reduced based on how early they retire, resulting in lower payments due to a longer payout period.
What considerations should an employee keep in mind regarding their unused sick leave or carry-over bank hours when calculating benefits under the Duke Employees’ Retirement Plan? How does Duke utilize these factors to enhance an employee's credited service for the purpose of benefit calculation?
Impact of Unused Sick Leave and Carry-Over Bank Hours: Unused sick leave and carry-over bank hours are converted into additional credited service, which can enhance the calculation of retirement benefits. Employees who have accumulated these hours can see their credited service extended, leading to higher pension benefits at retirement.
In what situations would an employee's benefits under the Duke Employees' Retirement Plan be automatically paid in a lump sum? How does the Plan determine the value of benefits that fall below the threshold for monthly payouts, and what implications does this have for retirement planning?
Lump-Sum Payments for Small Benefits: If the value of an employee's benefit is $5,000 or less, Duke Employees' Retirement Plan automatically pays it as a lump sum. For benefits between $5,000 and $10,000, employees can choose between a lump-sum payment or a monthly pension. This can significantly impact retirement planning, especially for employees weighing whether to take a smaller upfront amount or spread it over time.
How does the Duke Employees' Retirement Plan handle benefit adjustments for employees who continue to work beyond their normal retirement age? What factors influence how these adjustments are calculated, and what implications might this have for future financial planning for employees nearing retirement?
Benefit Adjustments for Postponed Retirement: Employees who continue working beyond their normal retirement date will see their benefits increased annually (by no less than 10%) to account for the shorter period during which they will receive payments. The plan recalculates benefits based on the employee’s continued service and compensation after age 65.
What options are available to employees of Duke University regarding payment forms when they retire, and what are the long-term implications of choosing each option? How do these choices affect both the retiree's monthly income and survivor benefits for a spouse or other beneficiary?
Payment Form Options and Implications: At retirement, employees can choose various payment options such as a single life annuity, joint and survivor annuities, or a lump-sum payment. These choices affect the amount received monthly and any survivor benefits for a spouse or beneficiary. Employees should carefully consider their long-term financial needs and the needs of their beneficiaries when selecting a payment option.
What specific protections does the Duke Employees' Retirement Plan provide for spouses in the event of an employee's death, and how does this influence the choice of payment options? What steps must an employee take to ensure that their spouse's rights are upheld under the Plan?
Spousal Protections: The Plan provides protections for spouses in the event of an employee's death. A surviving spouse can receive 50% of the employee's reduced monthly benefit through a joint and survivor annuity. Employees must take steps to ensure spousal rights are protected by selecting the appropriate payment option and ensuring the necessary documentation is completed.
How can employees of Duke University ensure that they are informed about their rights under ERISA while participating in the Employees' Retirement Plan? What resources and tools does Duke provide to help employees understand and assert these rights?
Employee Rights Under ERISA: Duke provides resources for employees to understand their rights under ERISA, including access to plan documents and assistance in filing claims. Employees are encouraged to use Duke's available tools to assert their rights and ensure they are fully informed about the benefits available to them under the Plan.
In what ways can employees at Duke University navigate the complexities of reemployment after retirement, and how does their choice of retiree status affect their benefits? What regulations govern how benefits are recalculated if they choose to return to work at Duke?
Reemployment After Retirement: Employees who return to work at Duke after retiring can continue to receive their pension if they work fewer than 1,000 hours per year. However, if they exceed 1,000 hours, their payments will be paused and recalculated based on additional service and earnings when they retire again. This provides flexibility for employees considering reemployment after retirement.
What impact do legislative changes, such as those introduced by the IRS, have on the Duke Employees' Retirement Plan’s structure and benefits? How should employees approach understanding these changes in the context of their personal retirement strategies?
Impact of Legislative Changes: Changes introduced by the IRS or other regulatory bodies can impact the structure of the Duke Employees' Retirement Plan and its benefits. Employees should stay informed about these changes and how they affect personal retirement strategies, particularly regarding tax laws and pension calculations.
How can employees at Duke University contact the Retirement Board for questions or clarifications regarding their retirement benefits? What is the best approach for reaching out to ensure that they receive timely and accurate information?
Contacting the Retirement Board: Employees can contact Duke's Retirement Board for any questions or clarifications regarding their retirement benefits. The Retirement Board is responsible for managing the Plan, and employees are encouraged to reach out directly for timely and accurate information to address any concerns about their retirement.