Employers Unprepared for 401(k) Plan Data Breaches

The U.S. retirement model has become of increasing interest to foreign hackers, typically the perpetrators of large-scale data breaches, reports Employee Benefit News . However, companies, plan sponsors, and plan participants are unaware or underprepared for the ramifications of a cyberattack, experts warn. One problem is that the current system focuses on who is liable in the case of a hack rather than on educating employees on the risks they bring to their own retirement savings.