PLANSPONSOR - March - April 2023 - 10

UPFRONT
Participants Could Be the Weakest Link
THE BIGGEST risk in securing plan
participants' data against cyberthreats may
not arise from any technological or design
flaw. For many plan sponsors looking to
boost security, the greatest challenge could
lie in motivating individuals to take the
steps to guard against potential fraud.
That task is a constant effort for many
firms, such as John Hancock Retirement
and Voya Financial, which, while
enhancing their plans' internal security
measures, aim to partner with the participants
to encourage their ongoing buy-in.
Voya provides training and pointers
about the potential for fraud. Tips focus
on how to avoid becoming a victim of
a scam, according to Allison Dirksen,
senior vice president and head of wealth
solutions sales with the firm. Voya also
reminds participants about digital security
and offers guidance for how to keep
their devices secure, Dirksen says.
Jack Barry, vice president and head
10 PLANSPONSOR.COM March - April 2023
of product development for John Hancock
Retirement, suggests using a metaphor
that connects with participants personally-e.g.,
protecting their other largest
asset, their home. " With assets in a plan,
you almost have to take as much care as
you do to secure your home, " he says.
Barry views guarding the plan as
a team effort in which the provider,
employer and participant work together
to prevent fraud. To aid in that process,
his firm created a best practices guide to
share with sponsors, who then pass it on
to the participants.
The guide includes tips ranging
from " use strong, unique passwords " to
" public, unsecured WiFi is convenient,
but it's unreliable. " " Be aware of what
you share " on social media, says another,
referring to people's comfort today with
sharing personal information.
An unintended consequence could
be that individuals' answers to security
Art by Jam Dong
questions-e.g., the name of their best
friend or pet-on their financial account
site could be easily found online. The overarching
message is to consider carefully
whom they trust and what information
they disclose, Barry says.
Good online habits
include some
basics such as keeping information up
to date, notifying the firm immediately
of any nefarious activity and cooperating
with any ongoing investigation, he says.
Both John Hancock and Voya also
encourage individuals to enable new
security measures such as two-factor
authentication.
" While not always perceived to
make things easier for the individual, [it]
provides an additional layer of security, "
Dirksen says.
Barry advises urging participants to
be patient with complex password requirements.
" It's those extra steps that seem
to be slightly frustrating in the moment

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PLANSPONSOR - March - April 2023

Table of Contents for the Digital Edition of PLANSPONSOR - March - April 2023

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
PLAN DESIGN
PARTICIPANTS
INVESTMENTS
PLAN ACCESS
GOVERNANCE
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover1
PLANSPONSOR - March - April 2023 - Cover2
PLANSPONSOR - March - April 2023 - 1
PLANSPONSOR - March - April 2023 - INSIGHTS
PLANSPONSOR - March - April 2023 - 3
PLANSPONSOR - March - April 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - March - April 2023 - 5
PLANSPONSOR - March - April 2023 - RULES & REGULATIONS
PLANSPONSOR - March - April 2023 - 7
PLANSPONSOR - March - April 2023 - UPFRONT
PLANSPONSOR - March - April 2023 - 9
PLANSPONSOR - March - April 2023 - 10
PLANSPONSOR - March - April 2023 - 11
PLANSPONSOR - March - April 2023 - 12
PLANSPONSOR - March - April 2023 - 13
PLANSPONSOR - March - April 2023 - PLAN DESIGN
PLANSPONSOR - March - April 2023 - 15
PLANSPONSOR - March - April 2023 - 16
PLANSPONSOR - March - April 2023 - 17
PLANSPONSOR - March - April 2023 - 18
PLANSPONSOR - March - April 2023 - 19
PLANSPONSOR - March - April 2023 - PARTICIPANTS
PLANSPONSOR - March - April 2023 - 21
PLANSPONSOR - March - April 2023 - 22
PLANSPONSOR - March - April 2023 - 23
PLANSPONSOR - March - April 2023 - 24
PLANSPONSOR - March - April 2023 - 25
PLANSPONSOR - March - April 2023 - INVESTMENTS
PLANSPONSOR - March - April 2023 - 27
PLANSPONSOR - March - April 2023 - 28
PLANSPONSOR - March - April 2023 - 29
PLANSPONSOR - March - April 2023 - PLAN ACCESS
PLANSPONSOR - March - April 2023 - 31
PLANSPONSOR - March - April 2023 - 32
PLANSPONSOR - March - April 2023 - 33
PLANSPONSOR - March - April 2023 - GOVERNANCE
PLANSPONSOR - March - April 2023 - 35
PLANSPONSOR - March - April 2023 - 36
PLANSPONSOR - March - April 2023 - 37
PLANSPONSOR - March - April 2023 - FIDUCIARY FORUM
PLANSPONSOR - March - April 2023 - INSIDE ANGLE
PLANSPONSOR - March - April 2023 - PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover3
PLANSPONSOR - March - April 2023 - Cover4
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