Cyber threats and attacks are so widespread that retirement plan sponsors are being warned to develop a cyber risk management strategy rather than a cyber risk elimination strategy.
That's according to law firm Pillsbury Winthrop Shaw Pittman LLP, which said in an advisory that among other concerns, sponsors should be prepared to evaluate their third-party service providers' cybersecurity programs and ensuring that the plans themselves have mitigated risks from losses in case of a cyberattack.
It shouldn't come as a big surprise to anyone, considering that there's a $5 trillion 401(k) market just sitting there waiting to be ravaged by hackers.
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