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SPARK Institute Announces New Standards Against Cyber Attacks plansponsor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from plansponsor.com Daily Mail and Mail on Sunday newspapers.
Data security concerns force the DC industry to cooperate The recent Government Accountability Office report and even more recent Department of Labor guidance on cybersecurity hammer home the reality that protecting plan and especially participant data has become a fiduciary responsibility. May 5, 2021 3 MINS The defined-contribution industry is at a crossroads. Record keepers, advisers and money managers often compete in winner-takes-all battles, but to serve and protect clients, they must cooperate on cybersecurity and data access. Will that lead to sharing participant data? The recent Government Accountability Office report and even more recent Department of Labor guidance on cybersecurity hammer home the reality that protecting plan and especially participant data has become a fiduciary responsibility. ....
DOL’s cybersecurity tips were needed, but 401(k)s shouldn’t ask much from participants A system built around inaction shouldn’t expect people to become more involved with it, or much less bear responsibility for keeping their accounts safe. May 3, 2021 4 MINS Odds are, your personal information including Social Security number, birth date and financial account numbers have been compromised and sold on the dark web, multiple times. That means that all that might keep your 401(k) or IRA from being plundered are tight cybersecurity and fraud prevention systems. With trillions of dollars in the U.S. retirement savings system and these accounts representing the bulk of many workers’ assets, much is potentially at stake. ....
Seeing an unknown charge on your credit card is so common these days that many people shrug it off. When money is stolen from your 401(k) account, there is less recourse and more cause for concern. Federal law limits consumer liability for fraudulent credit- and debit-card charges. But there is no similar protection for retirement accounts, where many people have saved a lot more money than in bank accounts. When it comes to theft from retirement accounts, 401(k) record-keepers say family members are often the perpetrators. But about three years ago, the industry noticed a rise in online theft from such accounts by strangers, said Tim Rouse, executive director of Spark Institute Inc., which represents the retirement industry. “That set off huge alarms,” he said. ....
Aliya Robinson said online searches for participants with common names is problematic for employers. Newly issued guidance from the Department of Labor offers retirement plan fiduciaries a list of best practices for locating missing participants and insight into how it approaches investigations on the matter, but left stakeholders wanting more and expressing concerns about the process. It s nice that the department released a list of things that they ve identified as best practices, but it s frustrating that they haven t linked it to the statute of ERISA, it s frustrating that it comes after seven years of investigations, and it s frustrating that even after all of this they couldn t put together a road map that says, We understand that not everybody is going to be found, but we don t want plan fiduciaries spinning their wheels for days and hours trying to figure out what to do, said Kevin Walsh, a Washington-based principal at Groom Law Group. ....