Protecting Your Nest Egg From Cyber-Criminals - Technology :

Protecting Your Nest Egg From Cyber-Criminals - Technology


Seyfarth Synopsis:
Retirement
plans hold millions (sometimes, hundreds of millions) of dollars in
assets, and participants' personal information is increasingly
maintained and accessible online. With such large amounts of money
accessible electronically, retirement plans can be a prime target
for cyber-criminals. In response to this growing issue, on April
14, 2021, the Department of Labor ("DOL") issued a
three-part set of informal guidance with best practices and
suggestions from different perspectives for addressing
cybersecurity in the retirement plan world. Acknowledging that
businesses largely rely on third parties, namely, the plan's
recordkeeper, to secure and protect participant data, the guidance
describes what cybersecurity protection to look for when selecting

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