Cybersecurity For Retirement Plans

Many cybersecurity breaches have been reported over the last few years. The most notable of these is the recent Equifax breach. These types of breaches pose a threat to plan assets and personal data of participants in employee benefit plans. The main areas of concern include the unauthorized exposure of participants' personal information, the theft of money from retirement accounts, and the infiltration of service provider systems. The cost to a plan sponsor of dealing with a cybersecurity breach can be astronomical. Therefore, plan sponsors and fiduciaries should take steps now to address the risks posed by a cybersecurity attack and develop a strategy for managing those risks.

The Environment