Small U.S. Retirement Plans Lagging in Cybersecurity Oversight
Many small U.S. retirement plan sponsors aren’t evaluating the tech firms they’ve hired to protect user data even with recent U.S. Labor Department guidance and stepped-up enforcement.
A Cerulli Associates Inc. quarterly report late last month found that while the majority of plan advisers consider cyber health an important part of choosing a recordkeeper, most small-to-mid-sized plans still don’t have formal written processes for overseeing their recordkeepers’ fraud prevention practices.
As the DOL ups its cybersecurity enforcement and litigation emerges, plan fiduciaries become solely responsible for sensitive information about their participants falling into the wrong hands under someone else’s watch. ...
Gloss