Few individuals remain untouched by cybersecurity attacks. Recent high-profile cases affecting consumers, like Facebook and Equifax, are just the tip of the iceberg. Most people have had to cancel a credit card (or two, or more) after their cards were “hacked” or their identity stolen, and have had to deal with the challenge of removing fraudulent transactions from their accounts.
Despite the cybersecurity risk surrounding us in today’s digital marketplace, risks to retirement savings in a 401(k) or other employer-sponsored plans may not be on the radar for either plan sponsors or participants as a potential threat. Yet the likelihood that retirement plans will be the target of future cyber attacks is certain. Retirement plans are an appealing target for cyber attacks due to the large volume of plan assets held in retirement accounts and the vast amount of sensitive personal data stored on recordkeeping systems.
Our white paper Safeguard Your Retirement Plan from Cyber Threats, addresses timely concerns around:
- Cybersecurity and ERISA fiduciary responsibility
- Cybersecurity insurance FAQs
- Best practices for managing cybersecurity risk
Mutual funds and exchange traded funds are subject to market risk and volatility. Shares may gain or lose value.