“It takes 20 years to build a reputation and a few minutes of cyber-incident to ruin it.” – Stephane Nappo
In early September of 2024 in its continuing effort to protect U.S. workers’ retirement and health benefits, the U.S. Department of Labor updated its current cybersecurity guidance for plan sponsors, fiduciaries, recordkeepers, and plan participants. As 401(k) plans increasingly rely on digital platforms to manage and secure retirement savings, cyber threats have become a critical concern for plan sponsors.
With the rising sophistication of cyberattacks, plan sponsors must ensure that the systems are robust and resilient. Addressing cybersecurity risks is not only a regulatory requirement but also a key element of maintaining trust with plan participants.
In the following Q&A, retirement expert Alyssa Zagrobski, Director of Retirement Plan Services at Shelton Capital Management, and technology expert Bryan Becker, CEO and Founder of IT consulting services provider Class IV, dive into some of the most significant questions around cyber risk and cybersecurity for retirement plan sponsors today.
Alyssa…
