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Cybersecurity Is a Plan Sponsor Obligation
Faegre DrinkerLink to more items from this source
Jan. 29, 2021

"A recently filed lawsuit against a trust company serving as a 401(k) plan trustee, the second of its kind in the last few months, highlights the need for plan sponsor diligence in protecting participant data and accounts in an increasingly electronic world.... [T]he plan sponsor has a fiduciary obligation ... to engage and retain service providers who take cybersecurity seriously, who have systems in place to protect data (for example, dual authentication processes) and who periodically test those systems to check for vulnerabilities and ways to improve."

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