More Technology Means More Plan Sponsor Cyber Risk
Aon plc’s newly released 2019 Cyber Security Risk Report has identified the biggest threats facing plan sponsors in the technological space and has found that as plan sponsors utilize new technology to speed up information…
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Measures Plan Sponsors Can Take to Curb Cyber Attacks
The world of cyber security in employee benefits plans has grown tremendously over the last 20 years. It has evolved from account numbers and firm IDs to more elaborate and useful solutions. So what can…
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Fiduciary and Cyber Liability Insurance Help You Plan For Tomorrow
It’s taken catastrophes to make people realize that insurance is not just a form of gambling; it helps people and businesses endure. Fiduciary liability insurance and cyber liability insurance may seem like gambling on a…
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Small Plan Sponsors More Vulnerable to Data Breach Than Big Companies
You’ve probably heard a lot about data breaches at Equifax and Sony, but did you know that small businesses, including individual plan sponsors, are more vulnerable to cyber attack and data breach than those large…
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Equifax Took Cybersecurity Seriously, Was Still Hacked
Every organization should take cybersecurity seriously, from the mom and pop shop down the street to Amazon. Equifax CEO Mark Begor testified to the United States Senate that the company took cybersecurity seriously prior to…
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New Jersey Expands Data Breach Laws
New Jersey recently passed a law requiring businesses to notify consumers of online breaches. This, theoretically, would allow consumers to change information to limit attackers’ access to their accounts, such as passwords or usernames. It…
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Pension Industry Vulnerable to Cyber Attacks
According to a new report from Moody’s Investors Service, some of the industries most likely to be attacked by cyber attacks are finance, investment, and securities. This includes the retirement and pension industries as all…
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The Fiduciary Duty of Protecting Against Cyber Attacks
Under ERISA, fiduciaries are subject to the prudent expert standard of care, in which they have to act with diligence, care, and skill an expert under the circumstances in their field would. They also owe…
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There is No Consensus Way to Stop Retirement Plan Cyber Attacks
The United States doesn’t have a national regulatory system for governing cybersecurity. There’s no consensus framework in the country for evaluating the effectiveness of cyber protections. Based on the available information, it seems as if…
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