X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
stylized neon blue lock (Photo: Shutterstock)

Earlier this year, the Government Accountability Office (GAO) released findings from a recent study looking at cybersecurity issues and risks related to 401(k) and other retirement plans. The report affirmed what many know to be true: private sector employer-sponsored defined contribution plans are a crucial component of retirement security for millions of Americans, and records for these plans are largely stored and accessed virtually.

The GAO issued an urgent recommendation that the DOL (1) affirmatively state whether cybersecurity is a fiduciary obligation and (2) provide comprehensive guidance for plan sponsors and service providers regarding mitigation of this cybersecurity risk.

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.