Trustee Sued Over Retirement Plan Account Fraud
The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the...
Tag: retirement plan cybersecurity
Effects of COVID-19 Could Spark More Retirement Plan Litigation in 2021
Industry experts say market volatility and cybersecurity issues could lead to new lawsuits.
Abbott Brought Back Into Retirement Plan Cybersecurity Lawsuit
Previously dismissed from the lawsuit, Abbott is accused in an amended complaint of failing to monitor its recordkeeper and failing...
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied...
Abbott Defendants Dismissed From Retirement Plan Cybersecurity Lawsuit
However, a federal judge did not dismiss claims against the recordkeeper for the Abbott Laboratories Stock Retirement Plan.
Alleged Boeing Retirement Plan Fraudster Charged in California
A federal grand jury has indicted an Orange County man for fraudulently obtaining access to Boeing employees’ retirement accounts and...
Risk for Cyberattacks Heightened as Remote Work Continues
Remote work is expected to lead to more attacks on retirement plan accounts, but there are an increasing number of...
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Parties In Suit About Estee Lauder 401(k) Account Data Breach Announce Settlement
Details of the settlement in the first case of its kind to call into question the cybersecurity defenses a plan...
A Background on Retirement Plan Cyber Crimes and How to Mitigate Them
Plan sponsors need to understand how vulnerable retirement plan and participant data is to cyberattacks, and know what they, providers...
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.
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Groups Launch Fraud Sharing Database for Financial Services Firms
FraudShare is a tool for reporting about the types and frequency of account takeover fraud occurring in the life insurance...
New Lawsuit Highlights Importance of Cybersecurity for Retirement Plans
A former 401(k) plan participant is suing the plan sponsor and plan providers after unauthorized distributions were made from her...
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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Clear Disclosure Partners Offers Cybersecurity Program for Retirement Plans
Among other things, the Cybersecurity Risk Management Program, in consultation with the plan sponsor and fiduciaries, includes the development of...
Driving Cybersecurity with Participants and Providers
Plan sponsors should evaluate providers’ cybersecurity practices, but there are also steps they and plan participants can take to safeguard...
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SPARK Creates Definitions for Cybersecurity Terms
“These definitions provide a level platform for vendor evaluation as it relates to cyber security breach and fraud,” says Rasch...
Retirement Plan Cybersecurity Disclosure to Make Everyone Satisfied
Retirement plan sponsors want to know their service providers are taking steps to protect participant data, but providers are concerned...
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Safeguarding DC Plan Data Is About More Than Cybersecurity
Andy Adams and Jay Schmitt, with Strategic Benefits Advisors, discuss what makes retirement plan data vulnerable and actionable steps to...