Retirement benefit plans have deep pockets—filled with both assets and sensitive information—so it only makes sense that they are a growing target for cyberthieves.
Assuming there is no malfeasance or criminal activity going on, the process of a DOL or IRS audit does not have to be unpleasant, even if minor issues are discovered.
A financial services firm is accused of failing to properly secure and safeguard personally identifiable information provided by and belonging to its customers.
A new study shows that most people working in regulatorily sensitive industries such as financial services are aware of the importance of cybersecurity and privacy policies, but employers should still shape their communications to include more practical tips.
During a recent hearing, members of the commission discussed the interplay of climate change, crypto assets and the financial wellness of everyday Americans—pledging to take coordinated actions to address a complex web of emerging risks.
The securities market regulator has proposed rule amendments meant to enhance and standardize disclosures regarding cybersecurity risk management and incident reporting by public companies.
The solution will safeguard employees' digital identities.
Under the proposal, registered investment advisers and investment companies would have to adopt and implement written cybersecurity policies and procedures ‘reasonably designed to address cybersecurity risks.’
A solid retirement plan is essential for workers’ financial well-being and may be just as important as health benefits, the firm argues.
Retirement plan fiduciaries often rely on their service providers to create the electronic systems used to maintain participant data and conduct electronic transactions involving plan assets—so the Department of Labor is paying special attention to these relationships.
From reputational damage to the downstream effect of more expensive fiduciary liability insurance, advisory firms have a lot to lose from lax cybersecurity practices.
Earlier this year, the agency published a list of 2021 examination priorities that prominently featured issues pertaining to cybersecurity, and now it has sanctioned eight firms for related cybersecurity failures.
The protection provides coverage for the costs of legal services, computer forensic services, public relations and crisis management expenses, and more.