Being a plan sponsor is difficult because you’re a plan fiduciary which requires the highest duty of care. Running the plan is hard and making everything operates according to the law is important. Not only that, but you also need to make sure that plan records are secure.
Cybersecurity is a big thing and it’s discounted way too much. There is a dark web there with people trying to pierce websites and steal plan participant information, especially social security numbers.
So as plan sponsor, you need to make sure that your records and the records held by your plan provider can withstand any cyber attack.
