Cybersecurity: Keeping Participant Data Safe

[...]of increased utilization of online and electronic plan administration and participant account services, cybersecurity risks are increased and should be addressed. Specifically, plan sponsors should determine whether the service provider has any insurance policies that would cover losses caused by cybersecurity and identity theft breaches. [...]plan sponsors should not only consider whether the service provider has adequate insurance coverage but also whether they should consider cyber insurance coverage to fill in any gaps left by a service provider's coverage as well as cover losses caused by the plan sponsor's own actions.