Cybersecurity in Employee Benefit Plans

KLB Benefits Law Group

Cybersecurity is crucial for Employee Benefit Plans because the current value of assets in United States retirement plan accounts exceeds $45 trillion. These assets are stored electronically across various investment institutions, making them attractive targets for cybercriminals seeking to hack into systems and steal money. Additionally, retirement and health plans contain personal identifying information (PII) that can be used for identity theft, adding another layer of vulnerability.

While retirement and health plans are primary targets for cybersecurity threats due to the significant financial assets and valuable PII they hold, any entity handling financial transactions or assets is susceptible to similar cyber threats. Institutions conducting financial transactions or managing investments, even outside retirement plans, are potential targets for cyber attacks. Therefore, it’s essential for all organizations handling financial assets to implement robust cybersecurity measures.

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