401k Cyber Security concerns are resulting in plan assessments

401k Cyber Security concerns are resulting in plan sponsors assessing their own plan’s vulnerability.  Implementing 401k cyber security prudent practices can never be started too early!  Cyber crime in retirement plans is on the rise.  Safeguarding plan assets and participant balances are now top-of-mind issues for 403b and 401k plan plan sponsors and their participants.  Unfortunately, few retirement plan participants comprehend how the assets and balances are exposed to cyber security breaches.  At the conclusion of the Plan Sponsor University (TPSU) Fiduciary Education Program held at the University of Minnesota, TPSU Founder and CEO, Fred Barstein interviewed TPSU Adjunct Lecturer, Joe Brummel, Managing Director at Strategic Retirement Partners (SRP).

Mr. Brummel addressed the 5 steps that plan sponsors should consider taking to identify 403b and 401k plan cybersecurity risk.  They also discuss the benefits of multi-factor authentication for managing 401k cyber security risk.  Retirement plan participants can easily remove some of the risk associated with a 401k cyber attack by registering themselves on the plan recordkeeper’s website.  This video…