House Passes New 401(k) Bill
The United States House of Representatives has passed a bill resulting in the most significant changes in years to 401(k) plans. With the Setting Every Community Up for Retirement Enhancement, or Secure, Act, it is…
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Fiduciary and Cyber Liability Insurance Help You Plan For Tomorrow
It’s taken catastrophes to make people realize that insurance is not just a form of gambling; it helps people and businesses endure. Fiduciary liability insurance and cyber liability insurance may seem like gambling on a…
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Small Plan Sponsors More Vulnerable to Data Breach Than Big Companies
You’ve probably heard a lot about data breaches at Equifax and Sony, but did you know that small businesses, including individual plan sponsors, are more vulnerable to cyber attack and data breach than those large…
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Equifax Took Cybersecurity Seriously, Was Still Hacked
Every organization should take cybersecurity seriously, from the mom and pop shop down the street to Amazon. Equifax CEO Mark Begor testified to the United States Senate that the company took cybersecurity seriously prior to…
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New Jersey Expands Data Breach Laws
New Jersey recently passed a law requiring businesses to notify consumers of online breaches. This, theoretically, would allow consumers to change information to limit attackers’ access to their accounts, such as passwords or usernames. It…
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Pension Industry Vulnerable to Cyber Attacks
According to a new report from Moody’s Investors Service, some of the industries most likely to be attacked by cyber attacks are finance, investment, and securities. This includes the retirement and pension industries as all…
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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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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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