Cyber Risk in Retirement Plans
- Scott Lanigan, New York Life, Mainstay Investments
- Martha Spano, UBS Institutional Consulting Group
According to the DOL’s ERISA Advisory Council report on the topic: “Cyber risks … are more severe and significant than in the past.” This vulnerability is further complicated because plans often use multiple service providers that share plan data.
Cybersecurity remains top of mind for many people, as the Internet and online interactions become increasingly important in our daily lives. This has become true for employee retirement plans as well, and plan sponsors and fiduciaries must consider ways to protect participants and themselves in cases of cyber malfeasance and/or security breaches.
Given the rise in cyberattacks, fiduciaries who fail to take prudent action to protect data and assets may be exposed to considerable risk. Completely eliminating this risk is impossible, but liability may be reduced by introducing a prudent cybersecurity management process for both the plan and service providers. Although there is not a single, turnkey solution for cyber protection, there are a number of industry best practices to consider implementing to create effective safeguards.
In this session, we will cover
- A review of the governance and fiduciary responsibilities of Plan sponsors with respect to employee benefit plans.
- What plan sponsors should use as a prudent process and ongoing assessments to reduce cyber security
- A review of different types of cyber breaches and a framework to navigate and evaluate risk in:
■ Data Management
■ Service Provider Management
■ People/Issues Training
■ Technology Management
By the end of the session we will equip plan sponsors with a set of questions to use in assessing their own particular risk and to utilize in preparing for plan auditors, highlighting the best practices in the industry.
Who should attend?
Companies and their specific executives who deal with both cyber-risks and employee benefit plans- CFO, risk managers, human resources professionals, plan and benefit managers.
Members - $25.00
Non-Members - $40.00
About our Speakers
Scott Lanigan is a DCIO National Account Manager, focusing on relationships with Record Keepers and TPAs. He has been a part of New York Life Investments for over 12 years, with New York Life Retirement Plans, then the MainStay Investments retail sales team before joining the DCIO team. Prior to joining New York Life, Scott held various positions at AXA Financial. He earned a BA in Education from Kutztown University of Pennsylvania and has over 16 years of investment industry experience.
Martha Spano joined the Century Consulting Group at UBS with over 35 years in the institutional investment consulting industry including the following firms- Callan Associates, Watson Wyatt, AonHewitt, and most recently Buck Consultants. In several of these positions she was the Senior Consulting Professional as well as the Practice Leader for regional territories. She was responsible for client servicing as well as management and leadership of consulting staff.
Martha has extensive experience working with both defined contribution plans and defined benefit plans in all areas of investment consulting, asset liability studies, investment policy development and compliance, manager structure and manager search. She has worked with plans of all sizes and has experience in the public sector industry working with governmental retirement plans. Martha has specific expertise in the defined contribution area, dealing with manager structure issues, vendor consolidation, and retirement income alternatives. Additionally, she has over 10 years of governance training experience and is currently a Certified Governance Trainer through the Nonprofit association BoardSource. She has conducted numerous governance training sessions for her clients and has written several notable articles for industry publications on governance and investment topics. Martha also serves on the Retirement Advisor Council. In 2016, she was appointed to the U.S. Chamber of Commerce ERISA Advisory Council. Martha has a strong knowledge of investment due diligence. She has served as a voting member of the management selection committee for manager searches and has participated in well over 100 manager meetings per year. Martha also served on the company’s pension and profit sharing committees while at Watson Wyatt and during her tenure at both Buck and Watson Wyatt she was a voting member of the pension governance committees.
Martha was a frequent speaker at a number of industry conferences and is a working member of the Defined Contribution Institutional Investment Association (DCIIA) serving on several task force committees. Martha is on the Advisory Board for WIIIN- Women in Institutional Investment and sits on the Los Angeles Board for the Western Pension Conference. Additionally, Martha holds the Series 7 and Series 66 licenses, and has recently earned her Chartered Retirement Plans SpecialistSM (CRPS ®) designation.
The session is approved for CFP, CIMA, CLU/ChFC, CPE/CPA, HRCI, and SHRM credit.
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