401(k) Cybersecurity Checklist
by Monica Jennings on Apr 9, 2024
Prioritizing the security of your company's 401(k) plan is more important than ever. The Department of Labor (DOL) recognizes the urgency and has issued recommendations to help employers safeguard their plans.
For plan fiduciaries, there are many ways you can apply these best practices to effectively manage your company's retirement plan. Read the checklist below and for more detailed information, refer to the full 'Cybersecurity Program Best Practices - EBSA' document here.
By implementing these guidelines and incorporating cybersecurity best practices, you can significantly mitigate the risk of cyber threats such as data breaches, fraud, and theft.
If the list seems daunting, you might want to focus first on a couple of the tips that are easier to implement. Two to consider starting with are:
Item 7 - Conduct periodic cybersecurity awareness training. This could be a topic for a staff meeting and possibly even have a huge impact on employees' personal financial security. Pointers on cybersecurity bear a lot of repeating to reinforce awareness. Some individuals may not learn about this anywhere else.
Item 10 - Encrypt sensitive data stored and in transit. Be particularly careful with anything that includes participant names, Social Security numbers and account balances. Never send files with this sort of data as unsecured email attachments.
