Carol Buckmann’s article, “Can Your Plan Records Be Hacked? Plan Fiduciaries Need to Focus on Cybersecurity,” was posted in the December 5, 2019, issue of The PenChecks Blog. Carol uses an actual lawsuit to explore issues that fiduciaries could face if their plan participants’ accounts get hacked or if hacks occur when funds are in other stages of the investment cycle. The blog post suggests safeguards that fiduciaries can take to mitigate the likelihood of exposure to breaches. Even thought ERISA was enacted before cybersecurity was even a word, under ERISA, fiduciaries still have duties of prudence and loyalty that now “may well require putting security systems in place to protect both assets and data.”
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Published by PenChecks Trust, a privately held company that provides a complete suite of retirement distribution services, The PenChecks Blog keeps readers in touch with the latest issues and happenings in the retirement benefits distribution industry.