Your plan data and private information are valuable, but unfortunately, cybersecurity is a critical but often overlooked aspect of a plan sponsor’s fiduciary responsibility.
Given the risk of cyberattacks targeting plan data and retirement savings, it’s important for plan sponsors to be diligent and proactive in making sure they understand what safeguards their third-party 401(k) service providers have in place to protect participants’ privacy and keep their data safe and secure.
Here are 11 key questions you should be asking your 401(k) service providers about the cybersecurity of your retirement plan data.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements and you should consult your attorney or tax advisor for guidance on your specific situation.
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