401k Cybersecurity Risk Assessment Now a Fiduciary Duty

Publisher: The Plan Sponsor University

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401k Cybersecurity Risk Assessment Now a Fiduciary Duty

401k cybersecurity risk assessment is no longer a task that can be put-off. Consequently, a plan sponsor’s fiduciary duty encompasses 401k cybersecurity risk assessment. Managing 401k cybersecurity risk is a required part of a plan sponsor’s fiduciary task-list. Unfortunately, The Employee Retirement Income Security Act (ERISA) does not specifically mention 401k cybersecurity risk assessments as a line-item task. However, a plan fiduciary has a responsibility to act with prudence when engaging in vendor selection. Plan fiduciaries are required to act prudently when hiring third party service providers. This includes ensuring that your plan’s service providers have proper 401k cybersecurity risk measures and protocols in place.