Retirement Plan Cyber Security

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Today we want to talk about Retirement Plan Cyber Security responsibilities.

In today's world, many say "data is power" or that "data is the new currency." Companies gather data to learn about their customers, and this information can have many uses. For those in retirement plans, it's crucial to know how your data is used and protected.

Plan sponsors, those who oversee retirement plans, have a big job. They work with other companies to manage the plan, and they must make sure these companies handle your data correctly. It's the plan sponsor's duty to keep your information safe. If it's misused, the plan sponsor might be held responsible.

When plan sponsors work with other companies, they should make sure these companies don't misuse your data. They should have rules in place that protect your privacy. Plan sponsors should regularly check these companies' privacy rules and make sure they haven't changed them without notice.

In simple terms, plan sponsors should guard your privacy as they would their own.

If you woul like more information on retirement plan cyber security responsibilities, contact us today.