Cyber Attack Causes Another Business to Shut Down
Once again, a cyber attack has caused a previously flourishing company to shut down. Asco, a manufacturer of aircraft parts founded in Belgium but owned by U.S. company Spirit AeroSysterms, has shut down indefinitely following a…
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Moving a 401(k) Between Jobs is About to get Simpler
A proposed exemption by the U.S. Department of Labor to the Employee Retirement Income Security Act of 1974 (ERISA) designed to allow easier transfer of a 401(k) from one job to another is expected to…
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90% of All Data Breaches Hurt Small Businesses
Your small business does not have to store sensitive data to be part of a data breach. Giant companies like Sony and Equifax may be the ones who have that sensitive data such as credit…
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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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Types of Cyber Attacks for Plan Sponsors to Watch Out For
Retirement plans and plan sponsors are coming under attack from cyber attacks. The obvious response is to take precautions to prevent a cyber attack from hitting your retirement plan. But how can you do that without knowing…
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Anti-Virus Software Will Not Protect Your Plan From Cyber Attacks
Your company computer may have an anti-virus program installed on it, but if you think that’s enough to prevent your retirement plan from succumbing to cyber attacks and data breaches, you have another thing coming….
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DOL: Plan Sponsors Must Protect Electronic Plan Information
ERISA does not specifically lay out rules and regulations regarding protecting plan data, but the U.S. Department of Labor has addressed the vulnerability of electronically sent plan information. In Regulation Section 2520.104b-1(c), the DOL stated that…
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Survey: 83% of Organizations Have Had a Data Breach
According to a survey of over 1,000 United States companies conducted by Opinion Matters, 83% of surveyed companies have experienced some sort of accidental data breach. More exposure occurred through employees accidentally exposing data through…
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