A vital concern sweeping businesses across the country is a term called “silent cyber”, or the coverage for cyber devastation under traditional property and casualty insurance policies, in contrast to purpose-built cyber insurance policies. A recent lawsuit details how a...

Fulfilling fiduciary obligations around cybersecurity requires plan sponsors to oversee a complex network of recordkeepers, payroll systems, and custodians. With so many partners involved, answering "who can access what data" is rarely straightforward. Toward improved oversight, ERISA experts suggest three...

Pointing out that the Department of Labor’s cybersecurity inquiries to employee benefit plans are “active and intensifying,” accounting professionals remind sponsors that inquiry letters are not love letters. How prepared are you with documented evidence of the steps you've taken...

Frustrated. Confused. Fatalistic. Tuned out. According to a survey by the National Cybersecurity Alliance, though our awareness of cybersecurity threats has increased over the last five years, our motivation to follow safety protocols and best practices has declined. Clearly this...

When you sponsor a retirement plan, it is tempting to assume your service providers have everything covered. However, under the Employee Retirement Income Security Act (ERISA), selecting and monitoring these vendors is a fiduciary act. Because retirement accounts house highly...

When you sponsor a 401k plan for employees, the Department of Labor (DOL) expects you to ensure that reasonable safeguards are in place to protect the plan from cybersecurity incidents. In fact, mitigating cyber threats is an enforcement priority.  Bottom...

Cybersecurity threats are deepening and spreading, with new tactics emerging every day. Smaller and midsize businesses are increasingly vulnerable, given that they are typically leaner than larger businesses, and wrapped in fewer layers of protection. Whether a cyber security breach...

The Department of Labor obligates retirement plan sponsors to mitigate cybersecurity threats to plan assets and data, and provides specific guidance for doing so. Still, many retirement plan sponsors find it overwhelming to develop action steps, which is understandable in...

When you sponsor a retirement plan, it can be very tempting to trust that everybody else involved is always on top of everything. That’s a risky approach, however, because even with the greatest service providers in town, you as the...

Who protects retirement plan accounts from hacks, attacks and other threats? The record keepers? The plan sponsor? The participants? The tech team? Actually, it’s everyone who cares about retirement savings—so really, everyone. However, if you sponsor a retirement plan, you...