Cybersecurity on all levels is one of the biggest threats out there that everyone in the 401(k) space needs to be tackled.
J.P. Morgan Chase has been hit with a data breach exposing the personal information of more than 451,000 retirement plan participants.
The participant information that was exposed included participants’ names, addresses, Social Security numbers, payment and deduction amounts, as well as bank routing and account numbers if the participants had set up direct deposit.
The breach was not part of a cyberattack and there is no indication of data misuse, according to a J.P. Morgan spokesperson.
Chase learned of a software issue that caused certain reports run by three authorized system users to include plan participant information.
