Cyber insurance for 401(k)s rises in cost, demand
Coverage is now harder to get, and it costs more, largely due to the higher volume of attacks that resulted in higher loss ratios for insurers.
Employers are increasingly aware of the cybersecurity threats facing their 401(k) plans, and some are seeking insurance coverage specifically for that.
It’s an issue the Department of Labor is watching. Earlier this year the regulator issued guidance for plan fiduciaries, and it recently began
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