News | 10.31.19
U.S. Retirement Accounts Offer Tempting Target for Cyberattacks
With nearly $6 trillion sitting in 401(k) plans, the U.S. financial services industry is coming under increasing pressure to ensure that retirement savings are safeguarded from rapidly evolving cyberthreats. Compared with breaches in other industries, cyberattacks of retirement accounts have been small in scope, says Tim Rouse, executive director at the Spark Institute. He attributes this, in part, to the fact that 401(k) accounts have built-in protections against would-be cyberattackers that should raise red flags if attempts were made to transfer money ahead of specified distribution events. Legal changes and attention from regulators have heightened scrutiny of the sector. Lawmakers are also calling for enhanced security measures to thwart potential breaches.
Read the full article on Financial Times