Groom principal and co-chair of the firm’s Employer’s & Sponsors group, David Levine, spoke with Pensions and Investments for their article, “MOVEit Cyberattack Ignites Worry About Retirement Plan Fiduciary Responsibility,” where he examined the recent MOVEit data breach that compromised the personal information of millions of retirement plan participants, both public and private.
According to Pensions and Investments, Levine “argued that because PBI is a well-known, widely used business in the retirement industry, it’s hard to attribute blame to plan sponsors, which he said are already vigilant and asking lots of security questions as part of the contracting process.”
In reference to attributing blame to plan sponsors, Levine said, “I would expect as part of the different levels of diligence that their vendors do matching market practice, I think it’s hard to say that they’re liable…It’s a hard argument to make.”
To read the article, click here.
