The Fiduciary Duty of Protecting Against Cyber Attacks
Under ERISA, fiduciaries are subject to the prudent expert standard of care, in which they have to act with diligence, care, and skill an expert under the circumstances in their field would. They also owe…
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There is No Consensus Way to Stop Retirement Plan Cyber Attacks
The United States doesn’t have a national regulatory system for governing cybersecurity. There’s no consensus framework in the country for evaluating the effectiveness of cyber protections. Based on the available information, it seems as if…
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Types of Cyber Attacks for Plan Sponsors to Watch Out For
Retirement plans and plan sponsors are coming under attack from cyber attacks. The obvious response is to take precautions to prevent a cyber attack from hitting your retirement plan. But how can you do that without knowing…
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Anti-Virus Software Will Not Protect Your Plan From Cyber Attacks
Your company computer may have an anti-virus program installed on it, but if you think that’s enough to prevent your retirement plan from succumbing to cyber attacks and data breaches, you have another thing coming….
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DOL: Plan Sponsors Must Protect Electronic Plan Information
ERISA does not specifically lay out rules and regulations regarding protecting plan data, but the U.S. Department of Labor has addressed the vulnerability of electronically sent plan information. In Regulation Section 2520.104b-1(c), the DOL stated that…
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Survey: 83% of Organizations Have Had a Data Breach
According to a survey of over 1,000 United States companies conducted by Opinion Matters, 83% of surveyed companies have experienced some sort of accidental data breach. More exposure occurred through employees accidentally exposing data through…
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Cybersecurity and Retirement Plans: Unanswered Questions
With cyber attacks and data breaches becoming more and more commonplace, it’s become fair to ask where cybersecurity fits within the duties and responsibilities of retirement plan fiduciaries and participants Congress has started asking the…
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Average Time Taken to Identify and Contain a Data Breach
According to a survey by the Ponemon Institute of 477 companies that experienced a data breach in 2018, the average number of days to even identify a data breach could be as high as 221…
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Financial Markets More Vulnerable to Cyber Attacks
According to a new report from SWIFT and BAE Systems, financial markets are becoming more and more vulnerable to cyber attack and data breaches. With so many participants and points of entry, the report states that…
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