PLANSPONSOR - April/May 2019 - 72
PS COACH
Out of Harm's Way
Best practices for protecting plan data
R
etirement plan data, like all online
financial information today, is an
alluring target for cyberattackers.
In fact, information technology (IT)
security experts in the 401(k) industry
believe hackers and other fraudsters
are constantly attempting to break into
plans-thousands of times a day-to gain
access to participant identification and,
ultimately, participant assets.
Even when multi-factor identification
systems are used, it can be simple for
hackers and phishers to invade a plan, says
Kevin Mitnick, a hacker turned security
consultant and CEO of Mitnick Security
Consulting, located in Las Vegas.
" It's scary how easily a hacker can
get into someone's system, " agrees Joe
Brummel, managing director with
Strategic Retirement Partners, noting
that everything-computers, phones,
72 PLANSPONSOR.com April - May 2019
even office buildings-is at risk.
Concerns about attacks place a huge
burden on plan sponsors, which are
required by the Employee Retirement
Income Security Act (ERISA) to use due
diligence to protect participants' data
and plan assets. No system is foolproof,
and there have been instances of hackers
successfully breaching barriers that recordkeepers
and sponsors have erected around
plans, according to providers and others.
Yet, such breaches are unusual, and
the more helpful steps that sponsors take
to safeguard their data, the better the likelihood
they will keep hackers at bay.
One essential step is to educate
participants about taking proper precautions,
such as not sharing their password
and regularly changing it, says
Tim Rouse, executive director of the
SPARK [Society of Professional AssetArt
by Jackie Ferrentino
Managers and Recordkeepers] Institute
in Simsbury, Connecticut.
Another is to seek counsel from
providers, who often have greater
resources and more expertise in cybersecurity
than plan sponsors do, says Ben
Taylor, senior vice president with Callan
Associates in San Francisco.
As sponsors and providers may each
have a different idea of what certain terms
mean, SPARK has developed standardized
definitions, says Rouse. These can
simplify discussions and help fiduciaries
evaluate vendors. He also notes SPARK's
cybersecurity standards for providers. To
determine whether your provider follows
them, have a third-party auditing firm
analyze compliance, he says.
Also important is that plan sponsors
stay informed. Large recordkeepers have
up-to-date information on cybersecurity
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PLANSPONSOR - April/May 2019
Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2019
2019 Plan Sponsor of the Year Winners and Honorees
2019 DB Administration Survey
2019 PLANSPONSOR Service Stars
Acting on ESG Principles
Pension Risk Transfers Increase
Out of Harm's Way
PLANSPONSOR - April/May 2019 - C1
PLANSPONSOR - April/May 2019 - FC1
PLANSPONSOR - April/May 2019 - FC2
PLANSPONSOR - April/May 2019 - C2
PLANSPONSOR - April/May 2019 - 1
PLANSPONSOR - April/May 2019 - 2
PLANSPONSOR - April/May 2019 - 3
PLANSPONSOR - April/May 2019 - 4
PLANSPONSOR - April/May 2019 - 5
PLANSPONSOR - April/May 2019 - 6
PLANSPONSOR - April/May 2019 - 7
PLANSPONSOR - April/May 2019 - 8
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PLANSPONSOR - April/May 2019 - 19
PLANSPONSOR - April/May 2019 - 20
PLANSPONSOR - April/May 2019 - 21
PLANSPONSOR - April/May 2019 - 2019 Plan Sponsor of the Year Winners and Honorees
PLANSPONSOR - April/May 2019 - 23
PLANSPONSOR - April/May 2019 - 24
PLANSPONSOR - April/May 2019 - 25
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PLANSPONSOR - April/May 2019 - 44
PLANSPONSOR - April/May 2019 - 45
PLANSPONSOR - April/May 2019 - 46
PLANSPONSOR - April/May 2019 - 47
PLANSPONSOR - April/May 2019 - 2019 DB Administration Survey
PLANSPONSOR - April/May 2019 - 49
PLANSPONSOR - April/May 2019 - 50
PLANSPONSOR - April/May 2019 - 51
PLANSPONSOR - April/May 2019 - 52
PLANSPONSOR - April/May 2019 - 53
PLANSPONSOR - April/May 2019 - 54
PLANSPONSOR - April/May 2019 - 55
PLANSPONSOR - April/May 2019 - 56
PLANSPONSOR - April/May 2019 - 57
PLANSPONSOR - April/May 2019 - 2019 PLANSPONSOR Service Stars
PLANSPONSOR - April/May 2019 - 59
PLANSPONSOR - April/May 2019 - 60
PLANSPONSOR - April/May 2019 - 61
PLANSPONSOR - April/May 2019 - 62
PLANSPONSOR - April/May 2019 - 63
PLANSPONSOR - April/May 2019 - 64
PLANSPONSOR - April/May 2019 - 65
PLANSPONSOR - April/May 2019 - 66
PLANSPONSOR - April/May 2019 - 67
PLANSPONSOR - April/May 2019 - Acting on ESG Principles
PLANSPONSOR - April/May 2019 - 69
PLANSPONSOR - April/May 2019 - Pension Risk Transfers Increase
PLANSPONSOR - April/May 2019 - 71
PLANSPONSOR - April/May 2019 - Out of Harm's Way
PLANSPONSOR - April/May 2019 - 73
PLANSPONSOR - April/May 2019 - 74
PLANSPONSOR - April/May 2019 - 75
PLANSPONSOR - April/May 2019 - 76
PLANSPONSOR - April/May 2019 - C3
PLANSPONSOR - April/May 2019 - C4
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