Willie Sutton once famously remarked that he robbed banks “because that’s where the money is.” These days cyber criminals might say the same thing about 401(k) plans. This week, we’re checking in on your (and your plan sponsor clients’) cyber insecurities.
Help us—and your fellow NAPA-Net readers—out! Share your thoughts at https://www.research.net/r/YPX373D.
Though such attempts don’t often make the headlines, 401(k) plans have become prime targets for two specific types of attacks: theft of money (via fraudulent online transactions) and theft of identity data.
Now, ERISA doesn’t have any specific language regarding data protection, and—recent litigation notwithstanding—there’s not yet any court ruling that would classify participant data as a “plan asset.” But still, participant data—how it is gathered, transmitted, and ultimately maintained—is a highly sensitive issue.
This week, we’d like to know if it’s a subject of concern with your plan sponsor clients (and prospects), if it’s an issue you raise with recordkeeping partners (and potential partners)—and what, if anything, you’ve done in your practice(s), RFPs or presentations with regard to the issue(s) of cybersecurity and data protection.
Help us—and your fellow NAPA-Net reader—out! Share your thoughts at https://www.research.net/r/YPX373D.
And we’ll have it all wrapped up for you on Friday!
