How Can You Protect Your Retirement Plan From Cyber Threats?
- October 30, 2023
As technology continues to advance, so do cyber threats. Cybersecurity is a large concern for many in relation to their retirement accounts and other personal financial information. The US Department of Labor recognized this concern and in 2021 released guidance regulated by the Employee Retirement Income Security Act (ERISA).
ERISA’s cybersecurity guidance is for “plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers.”
Some best practices to protect your retirement account include:
- Hiring a service provider with strong cybersecurity practices
- Keeping your information stored securely: passwords, security questions/responses
- Strong passwords and different passwords for different applications that hold financial data
- Keep contact information current so you can be reached if there is an issue regarding your account
- Familiarize yourself with phishing techniques to avoid cybercriminals from stealing confidential information
- Use multi-factor authentication on applications that store personal information
- Be careful using free WI-FI
- Delete or close unused accounts
- Antivirus software to protect computers and mobile devices from malware
- Routinely monitor your accounts to reduce risk of fraud
To secure your financial future and make informed decisions about your retirement plan, it's essential to stay vigilant in the face of evolving cybersecurity threats. By following the best practices outlined above and seeking guidance from Oppenheimer financial professionals, you can take proactive steps towards safeguarding your retirement accounts and personal financial information.
In this ever-changing technological landscape, protecting your financial well-being requires both individual responsibility and expert advice, ensuring a more secure and stable retirement.
Click here to find an Oppenheimer financial professional who can help you determine the best retirement plan for you and your financial future.
Disclosure:
The information provided herein is general in nature for informational purposes only and does not represent legal or tax advice. Oppenheimer & Co. Inc. does not provide legal or tax advice. The material herein has been obtained from various sources believed to be reliable but does not purport to be a complete statement of all material facts relating to the strategy or investments types discussed. Contact your legal or tax advisor for specific advice regarding your circumstances.
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