Today, the rapid evolution of technology has expanded the capacity of human reach in ways that was once unimaginable. Developments in areas of artificial intelligence, quantum computing, and the expansion of the internet, have revolutionized the way we all live. Despite the positives of these developments, there is an increasing trend of concerted assaults launched upon the unknowing and unwary who tentatively occupy the cyber world to their detriment.

In spite of all the benefits of AI, quantum computing and the internet’s expansion, the growing number of cyberattacks are causing considerable damage whose effects are being suffered through all levels of our society. Businesses, hospitals, schools, and even governmental entities that frequently maintain outdated, unsophisticated computer systems have all fallen victim to cyberattacks. It should not be surprising then that private sector retirement accounts are increasingly under attack and qualified plan sponsors are facing many questions and concerns. Given that federal law imposes a fiduciary duty and responsibility for the security of plan assets, what must they do as cybercriminals frequently place their hands into the figurative plan cookie jar?