Search
 
News

401(k) Plans Have a Big Cybersecurity Problem

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

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Stock illustration: Cybersecurity

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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Recommended Stories

How Biden Could Help Save Retirement

Jane Wollman Rusoff |

Retirement scholar Teresa Ghilarducci explains how the new president and Congress can heal the damage that Covid-19 has caused in the retirement system.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.