In this article, the author discusses the cybersecurity risk to retirement plans, examines the challenges participants face in recovering stolen funds, and explores the enhanced cybersecurity risk associated with plan investments in cryptocurrency and other crypto assets.
When ERISA was enacted in 1974, state of the art technology was a fax machine, communications were mailed and distributions were made by writing a check. As technology has improved and expanded to include various forms of electronic communications, there are increasing concerns about privacy, security and fraud in the benefits area as many financial transactions are conducted on-line and as plan participants are increasingly required to use technology to interface with their plans.
This article was first published in Benefits Law Journal, Spring 2023, Volume 36, Number 3.
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