Cybersecurity, working together. Jun 22
Cybersecurity is everyone’s responsibility! Cybersecurity breaches of retirement plan participant accounts are increasing, specifically with fraudulent distribution requests.
As a plan sponsor you should have established cybersecurity policies in place that are reviewed and tested periodically. It is also recommended that you have cybersecurity insurance, ensure your retirement plan’s fidelity bond is sufficient to cover a fraudulent distribution, consider fiduciary liability insurance and monitor data that is shared. Education of plan participants is also an important component in reducing cybersecurity risks, such as reviewing password protocols.