PLANSPONSOR featured Groom principal Allison Itami in the article, “What’s at Risk in a Cyberattack on a DC Plan?,” to provide insights on the risks that cybersecurity threats pose to plan sponsors and participants.
PLANSPONSOR reported that Itami said that “the risk for plan sponsors ranges widely.”
“The data is at risk, assets are at risk, the reputation of the plan sponsor can be at risk or [that of] the service provider,” she said. “Also, fundamentally, the trust or the goodwill and the relationship can be at risk: There is a lot on the line if somebody were to lose access to their retirement savings.”
According to PLANSPONSOR, Itami noted that,“Using the DOL guidance to educate participants also makes sense.”
To read the article, click here.