Michelle Capezza Quoted in “Cyber (In)Security”NAPA Net the Magazine Spring 2018
Michelle Capezza, Member of the Firm in the Employee Benefits and Health Care and Life Sciences practices, in the firm’s New York office, was quoted in NAPA Net the Magazine, in “Cyber (In)Security,” by Judy Ward.
Following is an excerpt:
For cyber-criminals, retirement plans make appealing targets. What makes retirement and other employee benefit plans particularly susceptible to cyberattacks? …
Advisors should make this a priority in working with sponsors, recommends attorney Michelle Capezza, a New York-based member of the firm at Epstein Becker & Green, P.C. “From a plan advisor perspective, whatever your touchpoints are with the plan sponsor, I think this should be item number one on the agenda, until you are satisfied there are adequate data privacy and security protections in place for the plan and participants,” she says. …
Likewise, while retirement plan participant lawsuits over cybersecurity aren’t prevalent yet, it seems possible that they could occur, Capezza says. “A lawsuit like that could be very costly for a sponsor,” she says. “Think about participants’ account balances: What if all of those got wiped out by a hacker?”
Participants need to know what they should and shouldn’t do to safeguard their account, such as not using a public computer to access their account data, Capezza says. “People will actually go to a public library and use the computers there to pull up their 401(k) account information,” she says. “Participants need to understand how important it is for them to protect their own information.”