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Mitigating Cybersecurity Risks – Best Practices for Retirement Plan Sponsors and Fiduciaries

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Richard Rausser By Richard Rausser

Cybersecurity is defined as the state of being protected against the criminal or unauthorized use of electronic data, or the measures taken to achieve this.

What does this mean for your employer sponsored retirement plan?

ERISA-covered plans often hold millions of dollars or more in assets and maintain personal data on participants, which can make them tempting targets for cyber-criminals. Plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks.

Key Items

  • Responsibilities to manage cybersecurity risks
  • Retirement account online basic rules to reduce the risk of fraud and loss
  • Responsibilities to prudently select a service provider with strong cybersecurity practices and monitor them

Author

Richard Rausser
Richard Rausser

Richard W. Rausser has more than 30 years of experience in the retirement benefits industry. He is Senior Vice President of Thought Leadership at Pentegra, a leading provider of retirement plan and fiduciary outsourcing to organizations nationwide. Rich is responsible for helping to shape and define Pentegra’s viewpoint on workplace retirement plans, plan design strategy, retirement success and employee savings trends. His work is used by employers, employees, advisors, policymakers and the media to produce successful outcomes for American workers.  In addition, Rich is responsible for Pentegra’s Defined Benefit line of business, which includes a team of Actuaries and other retirement plan professionals as well as Pentegra’s BOLI line of business.  He is a frequent speaker on retirement benefit topics; a Certified Pension Consultant (CPC); a Qualified Pension Administrator (QPA); a Qualified 401(k) Administrator (QKA); and a member of the American Society of Pension Professionals and Actuaries (ASPPA). He holds an M.B.A. in Finance from Fairleigh Dickinson University and a B.A. in Economics and Business Administration from Ursinus College.