Cyber risks have become a more significant issue in the retirement space in recent years. With many plans using multiple service providers that share large amounts of data, vulnerabilities are evident, and risks are prevalent. Both plan assets and personally identifiable information (PII) are at risk. While completely eliminating these risks is impossible, managing these risks is achievable and is essential to not only following ERISA prudence standards, but simply in serving the best interests of plan participants as well. It is important to remember that managing your cybersecurity is an ongoing process and it should not be rushed. Below, we review key preventative measures against common cyberattacks.
