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Monday, August 2, 2021

Asking the Right Questions When it Comes to Retirement Plan Cybersecurity

Today, Cybersecurity is one of the key interests and a highly debated topics in congress, specifically in regards to retirement plans, providers and plan sponsors (and participants). Congressional representatives have come up with 10 important questions, and are seeking answers about the protections in place.

Since cyber attacks can put any plan data and retirement savings under risk, Congress would like to ask the Government Accountability Office such important questions as:

         What potential threats can potentially harm the U.S. retirement plan data and plan participants’ financial well-being?

  • What actions do plan sponsors need to perform to ensure that their plan is protected, and their participants’ savings are adequately safeguarded?
  • To what extent do federal laws, record keepers, and other service providers protect plan participants’ data from these threats?
  • If a data leak takes place, what steps should be plan sponsors required to take to protect their plan participants?
  • What is the foreign experience of preventing cyber attacks on retirement savings, and what lessons should the U.S. take from plan sponsors, industry stakeholders and state regulators in other countries?

You can check out the whole list of the cybersecurity questions right here. Of course, you should always remember that cybersecurity is the question of individual responsibility. Hence, no law can guarantee your data safety as well as you can.


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