US. Retirement plans see rise in cyberattacks
While we may have hoped that employer-sponsored retirement plans would escape the types of cyberattacks plaguing financial service providers and dominating headlines, service providers to employee benefit plans have experienced a substantial increase in cyberattacks over the past few years. One plan record keeper noted the number of these attacks have more than doubled since 2016.
Cybersecurity threats present new risks for fiduciaries of employer-sponsored retirement plans, as well as for advisers and other providers who serve them. However, these risks can be mitigated, and advisers and other plan service providers can add real value to client relationships by helping their clients navigate these risks.
While all cyberattacks involve criminal activity, they can vary in terms of technical sophistication and financial impact. Some attacks only seek to steal personal, confidential information, while others aim to steal money from a plan.
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