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Fiduciary Risk in Data Privacy and Cybersecurity? You Bet!
Morgan Lewis Link to more items from this source
Apr. 8, 2016

"Retirement plans store extensive personal data on each participant and beneficiary.... The extensive trove of [personal identifiable information (PII)] presents an attractive, and often undersecured and easily exploitable, opportunity for criminals intent on stealing identities or on the outright theft of plan assets and benefit payments. Federal laws similar to HIPAA but applicable to retirement plans have not (yet) been enacted. However, this does not mean that retirement plan fiduciaries and administrators are off the hook."

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