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week ending October 9th, 2020
A recent decision in a lawsuit alleging that a retirement plan sponsor and recordkeeper failed in their duties to protect a participant’s account from a cyberattack let the plan sponsor off the hook. But, plan sponsors should not get a sense from this that they should let down their guard. While the Department of Labor (DOL) has not specifically defined plan sponsors’ fiduciary duties related to retirement plan cybersecurity, plan sponsors do have a fiduciary duty to monitor providers. And, it’s possible that some future litigation could find that the failure to protect data was on the plan sponsor’s side. During the 2020 PLANSPONSOR National Conference, a cybersecurity expert talked about using a “CIA” framework—confidentiality, integrity and availability of data—to develop an internal process and a process for evaluating cybersecurity protocols of plan service providers. Plan participants also need to be reminded of their part. In this edition of PLANSPONSOR Weekend, we offer information to help you develop or refine your cybersecurity practices.
Editor's Choice
PSNC 2020: Retirement Plan Cybersecurity
In light of a lack of guidance from the DOL on how sponsors should protect their plans from cyberattacks, speakers laid out best practices.
Ensuring Cybersecurity in a Remote Work Environment
Extra measures need to be taken for HR and benefits staff working from home to keep employee and retirement plan data secure.
Plan Participants Have Their Own Responsibilities for Cybersecurity
There are common and advanced approaches retirement plan participants can take to derail data breaches and retirement account fraud.
Retirement Plan Sponsors Need Strong Cybersecurity Defenses
A plan sponsor could face legal liability if a breach or fraud of participant accounts occurs.
Vendor Process Reviews Are Crucial to Retirement Plan Cybersecurity
A digital security expert says "the behavioral and human element of data protection is always the most challenging part.”
Popular Reads
Claims Over Fidelity’s Use of Participant Data Dismissed
A federal judge determined participant data is not considered plan assets, meaning Fidelity was not a fiduciary with regard to the claims.
Data and Research
Near-Retirees Flummoxed by Social Security Benefits
Respondents to a survey by MassMutual revealed certain topics they have questions about.
In the Future, the Bias Will Likely Be for Annuities
For now, sources say there needs to be more education and a change of thought to help 401(k) plan sponsors and participants accept the income-generation value of annuities.
2020 Recordkeeping Survey
2021 Virtual HSA Conference
April 13 - 14, 2021 | Virtual Conference
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