GAO says DOL has work to do on cybersecurity

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.

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