“Why Cybersecurity for Retirement Plans is More Important Than Ever” by Alex Ortolani.
Following Brian Edelman’s CNBC FA Summit “Securing Your Savings” appearance, PLANSPONSOR shared important cybersecurity recommendations to help firms ensure that plan participants remain safe from hackers targeting savings.
“We’re seeing a significant increase in the hackers getting access to these retirement assets,” Brian Edelman, CEO of cybersecurity protection firm FCI, said during CNBC’s Financial Advisor Summit. “We’re out there protecting them on the investment side, but we need to also manage the data — if a hacker gets at the retirement assets, then there is nothing left to manage.”
Edelman recommended that retirement plans should be well versed in the guidance that the U.S. Department of Labor put out on cybersecurity for retirement benefits — providing both best practices for ERISA-covered retirement plans and how to select a service provider with strong cybersecurity practices.
PLANSPONSOR, by Alex Ortolani