On Tuesday, March 12, Mark Bokert will speak on a panel titled, “Maintaining Cyber-Security over Retirement Plan Data” at the East Coast Defined Contribution Conference in Fort Lauderdale, Florida on March 12.
A plan fiduciary can be personally liable for losses due to a fiduciary breach. Therefore, it is important to not only prevent breaches but to also have a plan in place, should any breaches occur. Losses sustained in cyber breaches can include monetary assets actually removed from the plan, recovery and communication costs, business interruptions, reputational risks, ongoing identity protection costs, and more. Common types of cybersecurity threats will be discussed:
- Phishing obtains private information via interaction with a plan fiduciary or participant
- Ransomware locks a hard drive or server to prevent owner from using that device until a ransom has been paid.
- Malware is often introduced onto a device or system to capture keystrokes or perform other malicious activities.
- Wire Fraud occurs when normal-looking e-mails seek a transfer of funds for legitimate-sounding business reasons
- Mark Bokert, Co-Chair and Partner, Davis+Gilbert LLP
- Amy B. Resnick, Editor, Pensions & Investments
- Don Buben, Director, Executive Compensation, Equity Programs, and FutureBuilder 401(k), Home Depot
- Melanie Kolp, Vice President, Retirement Plans Technology Leader, Nationwide Insurance
- Pat McGowan, 401(k) Plan Manager, AlphaStaff Inc.
- Keith Overly, Executive Director, Ohio Deferred Compensation