Are your plan participants protected?
The issue of cybersecurity has been the topic of many headlines. But one important cybersecurity risk that often goes unexplored is protecting the private data of participants in an employee benefit plan. Every retirement plan maintains individuals’ names, dates of birth, Social Security numbers, and bank account information about current and former participating employees.
Employee benefit plan sponsors have a fiduciary duty to ensure participant information and plan assets are protected from the growing number of cyber threats and that there is a plan in place to respond to a data breach and mitigate any associated damages.