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.
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