The loss of employee personal information due to a cyber breach is an ever-increasing concern to all employers. After years of work to put into place protocols to comply with HIPAA’s requirements on protected health information, the focus of plan sponsors and service providers now is broadening to include protection of employee information maintained in connection with other types of benefit plans, including retirement plans.
Retirement plan data — name, date of birth, address, Social Security number, compensation and other financial information — typically is maintained by the plan sponsor and provided to a plan record keeper and other plan service providers, And this information usually is sufficient to steal an employee’s identity.
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