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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.”
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2021 Recordkeeping Survey
Deals and People
Empower to Acquire Prudential's Full-Service Retirement Business
The company says it expects the acquisition to benefit retirement plan participants, and, by leveraging new capabilities from its 2020 acquisition of Personal Capital, it will offer a personalized digital experience 
2020 Recordkeeping Survey
Giving Employees the Financial Wellness Help They Want
Offering an array of benefits—addressing both physical and financial wellness—and implementing personalized experiences will set employees up with what they need.
Deals and People
Prudential Acquisition Aimed at Improving Participant Experience
Empower CEO Ed Murphy says the Prudential recordkeeping team has tremendous bench strength.
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