The beauty of being in the retirement plan business since 1998 is that I love what I do and I can also remember the technological breakthroughs that allow the industry to provide a better service at a better price. The days of paper and telephone changes of investment allows participants a quick and better control of their retirement assets. Yet there is a price to pay. The price to pay is now being concerned with cybercriminals because stealing assets when distributions are done online is far easier when it was done by pen and paper.
In the United States, we have $6.3 trillion in retirement plan assets. Just a fraction is a huge take for any cybercriminal, whether it’s here or outside the United States.
Whether you’re a plan provider or plan sponsor, you need to be up on this or you’re the next victim.