Law360 (June 14, 2021, 2:03 PM EDT) — Cybersecurity has become critically important to plan sponsors, plan administrators and plan participants. With retirement plans holding an estimated $9.3 trillion in assets as well as sensitive information for approximately 140 million plan participants,[1] retirement accounts are especially attractive targets for cyber-enabled fraud.
For instance, sophisticated phishing email schemes have proliferated during the COVID-19 pandemic, threatening retirement accounts.[2] Ever-expanding technology connecting data and people has also opened the door to bad actors.[3]
This article explores the expanding intersection of the Employee Retirement Income Security Act[4] and cybersecurity issues, focusing on recent court decisions as well as guidance from the U.S. Department…
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