Plan sponsors have a fiduciary obligation to safeguard and preserve the assets of their employee benefit plans. As the number of cyber hacks continues to increase, plan fiduciaries must take certain steps to protect plan assets. Measures include evaluating security measures currently implemented by your organization, understanding the plan’s service providers’ security procedures, reviewing plan contracts to ensure they fully address data security and provide indemnities in the event of loss due to a breach. In addition to ensuring that your cyber security policies are sufficient, consider communicating security tips to your plan participants. Some suggestions include ensuring that a unique and strong password is used, ensuring that all contact information is accurate and up to date, and regular monitoring of account statements to catch potential breaches.
If you are interested in reviewing your company’s data security policies with Innovative, please do not hesitate to contact us. As a co-fiduciary, Innovative Investment Fiduciaries is committed to ensuring that our clients are kept abreast of important information and providing the best solutions for your needs.
