Watchdog group: millions of retirement plans at risk for cyberattacks

WASHINGTON, D.C. — More than 100 million Americans have a 401k or other retirement plan. It’s hard-earned money which they expect will be available to them when they need it.

However, a government watchdog group says there are risks which could put those plans in serious jeopardy.

A new report from the Government Accountability Office reveals a new cybersecurity risk associated with people who have a retirement plan sharing their personal and financial information.

“A single cyberattack can lead to not only theft of their personal information, but their life savings,” said Kris Nguyen of the Government Accountability Office.

The report recommends that the Department of Labor do more to prevent attacks, including making it clear who’s responsible for cybersecurity, and what’s being done to minimize threats to people’s information and money.

“We found that there’s a gap in federal requirement and guidelines for plan sponsors and their service providers,” said Nguyen.

A group of lawmakers asked for the report. They’re calling for cybersecurity to be strengthened for retirement plans, and they want to know what the Labor Department is doing about it.

“I would definitely consider this a high priority, especially since the president has called for every worker to have access to a 401k,” said Sen. Maggie Hassan (D-N.H.)

The Department of Labor responded, saying it agrees more should be done when it comes to cybersecurity and retirement plans, and said it is working to create better awareness of the issue.

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