Keep Your Account Secure and Protect Your Retirement Savings
Updated version: How to Keep Your Retirement Account Data Secure on 01/28/2022
While data breaches have seemingly become a regular occurrence, it’s still easy to think, “It won’t happen to me.” But just like any type of account, considering the nature of how we access and view our retirement accounts and the kind of personal information that these accounts contain, a conversation around the safety and protection of information is imperative.
Digital platforms have introduced unprecedented convenience into our lives. In recent years, it has become the norm to have access to your accounts anywhere, anytime and on any device. But when sensitive information becomes available to us in more ways, it also unfortunately becomes more available to criminals.
At the end of the first quarter of 2019, the total number of retirement assets in the United States reached almost $30 trillion. This amount of capital makes retirement assets a big target. Not to mention, the plans where these assets are stored include plan participants’ personal information – which could expose participants to identity theft and fraud.
While the Employee Retirement Income Security Act of 1974 (ERISA) does not include guidelines specific to data protection of electronic records, there is an increased focus on identifying fiduciary responsibilities at the state, federal and international levels.
Cybersecurity is an ongoing concern that rightfully affects attitudes toward retirement savings, and as individuals, we should feel empowered to take steps to keep our accounts secure.
As you plan for 2020 and beyond, make sure you discuss with your financial adviser how to keep your accounts secure, from understanding the signs of identity theft to utilizing monitoring tools.
Learn more in “Top 5 Ways to Protect Yourself from Identity Theft.”
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.