October 27, 2021
Cybersecurity: Do More Than Simply React
NTSA raises awareness of the increasing threat to Retirement plans.
Please read this article published by NTSA on October 8, 2021.
“Retirement plans are in cyber criminals’ sights, and it takes positive action to head off the threat, said experts in an Oct. 7 Plan Sponsor Council of America (PSCA) webinar.
“The retirement plan community is a very attractive target” for cyber criminals, warned Tom Briggs, Divisional Sales Manager at Transamerica. Among the threats are:
- Phishing, in which hackers send suspicious emails to lure the account holders into disclosing sensitive information. Tim Tuller, Director, Incident Response & Cyber Resiliency at Transamerica, characterized such attacks as “common” and “relentless” and remarked that attackers that use this tactic “are now more sophisticated.”
- Malware attacks, which are attacks by software triggered from compromised websites through which hackers use the program to enter account holders’ systems.
- Ransomware attacks, in which hackers attack critical servers and exploit them. Ransomware is “the commercialization of crime,” said Tuller.”
