Data security concerns force the DC industry to cooperate
The recent Government Accountability Office report and even more recent Department of Labor guidance on cybersecurity hammer home the reality that protecting plan and especially participant data has become a fiduciary responsibility.
The defined-contribution industry is at a crossroads. Record keepers, advisers and money managers often compete in winner-takes-all battles, but to serve and protect clients, they must cooperate on cybersecurity and data access. Will that lead to sharing participant data?
The recent Government Ac
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