Florham Park counsel Joan Neri was quoted in an article published in Ignites, a Financial Times Service, that describes the collaboration among 401(k) providers to thwart cyber attacks. Joan observed that 401(k) providers have increased their exposure to malicious attacks with the addition of websites and features for mobile access.
She pointed out that for providers that serve as ERISA fiduciaries, there is potential liability if there is a failure to meet the fiduciary duty of prudence and loyalty to plan participants, which could include measures to ensure that participant data is secure.
Read "401(k) Firms Form United Front to Thwart Cyber Attacks". (subscription required)