This spring, the Department of Labor (“DOL”) put plan fiduciaries on notice that they have a duty to mitigate cybersecurity risk. If the latest news on cyber incidents hadn’t been enough to rouse those responsible for the safety of participant accounts, the DOL’s guidance is stirring the waters.
Retirement account theft is one of the risks cropping up in the employee benefits community. If you are a plan sponsor or a plan fiduciary, it’s important to make sure you’ve thought about how to address this risk that is now well above the horizon.
In the PLANSPONSOR article, “Cybersecurity for Plan Fiduciaries: Focus on Account Theft,” Groom principal Jeanne Klinefelter Wilson discusses how ERISA plan fiduciaries can help participants protect their retirement accounts from cyber theft.
To read the article, click here.