Cyber Security

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I want to talk about how you can become a 401k Superhero to your employees by helping protect their 401k or 403b balance from cyber security attacks.

This is really a growing concern today.

But first, let me ask you a question.

The real question is, how can you as a company that sponsors a 401k or 403b plan, turn your plan from a liability into an asset that gives you an advantage in the marketplace, and become a 401k superhero to your employees?

That is the question, and these videos will give you the answers. Hey I’m Jonathon Schultheiss and welcome to the Ultimate 401k Advantage videos.

I’m sure you are aware that cyber security attacks and ransom attacks on companies are on the increase.

In fact, I found a cyber security study that shows the number of companies that paid ransoms have increased from 26% in 2020 to 32% in 2021.

And now these criminals are targeting your participants 401k and 403b balances.

On top of you being concerned about your company becoming a victim of cyber security, the Department of Labor has now said that you could have potential liability for your participants 401k accounts being hacked.

So what can you do to protect you employees and your company?

Here are a couple of tips from the DOL:

Request information from your vendor on things like, the types of audits they perform, their security standards, and if they have experienced any breaches and what insurance they might have to cover losses.

Then evaluate them based on industry best practices to see that your recordkeeper is doing the things they should.

You see, protecting your participants’ accounts from being stolen is a big way that you can become a 401k superhero to them.

And protecting your company from potential liability of a participant’s account being stolen is for sure a way to become a 401k superhero to your company.

If you’d like to learn more about the tips from the DOL, you can click above and download a whitepaper from one of my colleagues at SRP.

If you would like to have the process completely done for you, then click the link and lets schedule a time to discuss.