The recent cyberattack that compromised data at more than 600 organizations worldwide highlights the need for plan sponsors to become cybersecurity specialists to protect employee data and assets (or lean on expert advice).
California Public Employees Retirement System (CalPERS), Charles Schwab, and Fidelity Investments are just a few of the 600 organizations worldwide whose pension funds and benefits plan providers had their participants’ data security breached by a ransomware group in recent months. And we’re only talking about a single breach, that of Progress Software’s MOVEit file management and encryption transfer software. What followed the almost 4 million participants’ data affected have been class action lawsuits alleging failures to protect the data privacy of its plan…
