Developments in areas of artificial intelligence (AI), quantum computing, and the expansion of the Internet have revolutionized the way we all live. Despite the positive aspects of these developments, there is an increasing trend of concerted assaults launched upon the unknowing and unwary.

Today, cyberattacks are causing considerable damage, the effects of which are being suffered through all levels of our society. Businesses, hospitals, schools, and even governmental entities—which frequently maintain outdated, unsophisticated computer systems—have all fallen victim to cyberattacks. It should not be surprising, then, that private-sector retirement accounts are increasingly under attack and qualified plan sponsors are facing many questions and concerns. Given that federal law imposes a fiduciary duty and responsibility for the security of plan assets, what must they do as cybercriminals place their hands into the figurative cookie jar?