The U.S. Government Accountability Office (GAO) asked the Department of Labor (DOL) to step up protections for participants in retirement plans against the growing threat of cyber theft.
In a report on the cybersecurity of the nation’s private retirement industry, the GAO recommended that the DOL clarify that plan sponsors and administrators that serve as 401(k) plan fiduciaries have a legal responsibility to protect participants’ private information and savings from online theft.
The GAO also called on the DOL to provide guidance for the retirement industry in protecting 401(k) accounts.
