Cybersecurity Responsibilities of a Plan Sponsor


Plan sponsors of retirement plans handle a lot personal participant data, but many are unaware of their fiduciary duties in the context of cybersecurity. If a retirement plan suffers a cyberattack, plan assets could be diverted and misused. Under the Employee Retirement Income Security Act (ERISA), the plan sponsor could be held liable for a fiduciary breach for failure to satisfy a duty of loyalty and to act prudently.

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