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401(k) Plans Have a Big Cybersecurity Problem

After a congressional request to review these risks, the GAO concludes that vendors are weak links.

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Not only do 401(k) investors have to worry about market risk, but they also have to watch out for cybercriminals who could steal their retirement savings and identity. A Government Accountability Office (GAO) report issued on Monday recommends that the Labor Department issue guidance on the problem.

The GAO report, released by Sen. Patty Murray, D-Wash.; Rep. Bobby Scott, D-Va.; and Sen. Maggie Hassan, D-N.H., reviews cybersecurity threats to retirement plans. The agency conducted this review in response to a 2019 inquiry by the three lawmakers. Murray is chair of the Senate Health, Education, Labor, and Pensions Committee. Scott chairs the House Education and Labor Committee.

“This report confirms cybersecurity and retirement security go hand in hand, and it’s time we make sure we have policies that reflect that reality,” Murray said in a release.

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