Yes. When you sponsor a retirement plan, like a 401k, you are automatically a fiduciary, so in the event cybersecurity failures impact the data or savings of participants, you can face fiduciary breach allegations and be held personally liable. Even...

Every business must guard against the damage and disruption of cybercrime. Those that sponsor retirement plans, like a 401k, are legally obligated to work even harder, both to prevent incidents and to curtail damages after cyber breaches. Fiduciary Obligations Exemplified...

Many retirement plan sponsors remain unaware that as ERISA fiduciaries, they are obligated to mitigate cybersecurity risks to the retirement plan. It is dangerous to ignore the intersection of fiduciary and cyber responsibilities, so read on for reminders and protection...

Yes, every business needs cybersecurity procedures–and establishing them is doubly critical for retirement plan sponsors. Fiduciary advisors stress that establishing a written cybersecurity policy with specific, actionable procedures, is not only best practice, but also a way to address Department...

The Department of Labor has issued updated cybersecurity guidance, and confirmed that the protocols are applicable to all plans covered by the Employee Retirement Income Security Act (ERISA). Attorneys are advising fiduciaries to implement safeguards. Best Practices In Cybersecurity As...

Everyone at work is at least vaguely aware that cybersecurity is a duty shared by all. That doesn’t however make regularly and consistently practicing cyber hygiene a given during busy days. Increasingly, human resource professionals play a critical role related...

Perhaps not surprisingly, employees are often more concerned with accomplishing their tasks quickly, than with workplace cybersecurity. As a result, many, knowingly or not, are going around “cumbersome” cybersecurity protocols. Use of unapproved apps and devices is further exacerbating the...

  The more every business (and person in it) uses technology, the bigger the “attack surface” for cybercrime becomes. Last year’s massive MOVEit data breach, compromising data at over 600 businesses, sounded an alarm: whether or not they want the...

  The federal Cybersecurity and Infrastructure Security Agency, (CISA), reminds us that it’s time to take four steps to better protect our businesses. Of course it is especially critical for retirement plan sponsors to guard against the impact of cyber...

For plan sponsors, increased cyber threats to the retirement accounts of plan participants bring a rising risk of allegations of fiduciary breaches. Experts stress that to prevent “catastrophic results,” plan sponsors need to monitor the cybersecurity practices of service providers...