As a forward-thinking consulting firm, PlanPILOT is vigilant about reducing a multitude of risks for our plan sponsor clients, especially cybersecurity. Retirement plans specifically are an extensive source of valuable information for cyber criminals. Data that is transferred to the recordkeeper, for instance, includes social security numbers, dates of birth, salaries, home addresses, and bank account information.
Our services in cybersecurity exemplify this, as we assist plan sponsors with addressing this area of growing risk. Our services include:
Identify sources of data privacy risks and create an action plan
Develop a questionnaire that is utilized to determine how a plan sponsor’s service providers are addressing cybersecurity risks for your plan data
Review service provider’s contracts and ensure appropriate language is included to reduce risks to our clients
Provide training to plan sponsor staff on risk reduction strategies
Having a defined risk mitigation process and implementing it with care and diligence is key to meeting your fiduciary responsibilities and protecting your plan participants. Please contact us to discuss how we can assist you in your cybersecurity risk management efforts.