In 2018, the retirement plan market may have finally reached its point of reckoning with major technological developments. Innovation in the sector is constantly happening, and if plan sponsors are unaware of and adapting to it, they – and their employees – could easily find themselves behind the curve. Here are three of the most important tech-driven trends in retirement plan services today.
Unfortunately, falling victim to a cybersecurity attack is becoming increasingly common. It seems that at least once a week, another major company has fallen prey to the persistence of cyberattackers. Retirement plans are notorious targets for these attacks because they involve a high volume of sensitive information that is invaluable to criminals with malicious intent. Plan participant and financial information is generally shared with many different parties, making it more vulnerable to such threats. Retirement plan cybersecurity is crucial. We will discuss current risks as well as some useful tips for protecting your plan participants’ information.
Breaches cause an immense headache for businesses, not to mention the financial toll they can take due to damage control and loss of business. The government has tried to help prevent such breaches through laws and regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and PCI Data Security Standard. They provide guidelines for how to handle, store, and protect sensitive information. Lately, cyber security risk has become an important factor for plan sponsors.