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Plan sponsors: Navigating uncertain times takes careful investing and communication – Pensions & Investments

Cybersecurity issues were another major topic of discussion during the conference. At a panel discussion on the topic, Ray Conley, CEO of Benetic, an online platform for advisers, record keepers and other plan service providers, sa…….

Cybersecurity issues were another major topic of discussion during the conference. At a panel discussion on the topic, Ray Conley, CEO of Benetic, an online platform for advisers, record keepers and other plan service providers, said over half of retirement industry record keepers have experienced breaches in the last few years.

The Department of Labor issued cybersecurity guidance in April 2021, including 12 best practices for plan sponsors and record keepers. According to Mr. Conley, the guidelines are a way to lower the risk of a cyberattack, but they can’t prevent one altogether.

“Here’s 12 things that would be good to make sure, as a fiduciary, you’re checking that your vendors are following to mitigate your risk,” he said. “Now mitigate, I think, is the key word, because you’re not going to prevent it. It’s inevitable.”

Barbara Kontje, director of retirement and smart saving at American Express, echoed this, adding “a breach can happen to anybody…but you need to be prepared to act quickly.”

Ms. Kontje said that one of the best preventative measures is to educate participants on best measures for keeping their accounts secure, as retirement accounts are likely the largest sum of assets that people have in one place.

During his closing remarks, Ali Khawar, principal deputy assistant secretary of the DOL’s Employee Benefits Security Administration, emphasized that responsibility for cybersecurity protection falls on all those involved.

“I view this as an area where…I’m heartened by the fact that there’s a shared commitment, but we all have a really important role to play,” Mr. Khawar said.

Robert Steyer contributed to this story.

Source: https://news.google.com/__i/rss/rd/articles/CBMicmh0dHBzOi8vd3d3LnBpb25saW5lLmNvbS9kZWZpbmVkLWNvbnRyaWJ1dGlvbi9wbGFuLXNwb25zb3JzLW5hdmlnYXRpbmctdW5jZXJ0YWluLXRpbWVzLXRha2VzLWNhcmVmdWwtaW52ZXN0aW5nLWFuZNIBAA?oc=5

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