Cyber Suits Highlight 401(k) ​Record-Keeper Best Practices​

By Carol Buckmann (August 2, 2022, 6:37 PM EDT) — The army of internet thieves doesn’t spare retirement plans. For example, several lawsuits have been filed against plan sponsors and their record-keepers, including Estee Lauder Inc., Abbott Laboratories,[1] and the companies’ record-keeper Alight Solutions Inc., as a result of theft of plan accounts.

Those cases have not resulted in final decisions clearly defining the cybersecurity responsibilities of fiduciaries and service providers, but a newly filed lawsuit against Colgate-Palmolive Co. and Alight provides another opportunity to do so.[2]

While the U.S. Department of Labor has not issued regulations defining responsibilities for protecting plan assets from thieves and hackers, it has released a…

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