It seems that most employees and plan participants “think” their retirement money and data are not at risk. This is due, in part, because:
- there are few published incidents of breaches or potential hacks;
- there has been not a single legal decision involving a cybersecurity breach and a retirement plan; and
- there is no comprehensive federal regulation that protects qualified retirement plans and service providers.
This blog discusses whether retirement plans are really at risk; and if so why. It concludes with some helpful hints and practical advice to reduce such risks, some of which are tips employers (or plan sponsors) can share with retirement plan participants.