02.14.19
Lawmakers Ask GAO to Explore Cybersecurity Issues in Defined Contribution Plans
by: Brian Croce
The increase in retirement savings held in defined contribution plans, the ubiquity of online accounts, and the large number of digital interactions between plans and service providers present "a tempting target" for criminals, Sen. Patty Murray (D-WA) and Rep. Robert C. "Bobby" Scott (D-VA) wrote in a letter Tuesday to the Government Accountability Office (GAO). The lawmakers requested that the GAO examine cybersecurity in the private retirement system. The "cybersecurity safeguards, risks and liabilities for plan sponsors and participants remain ill-defined, especially with regard to major data breaches or advanced persistent threats," the letter stated.
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