02.13.19

Murray, Scott Request Oversight of Cybersecurity in the Retirement System

Senator Murray and Congressman Scott ask Government Accountability Office to examine cybersecurity of the private retirement system

WASHINGTON -Senator Patty Murray, (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Congressman Bobby Scott, (D-VA), Chairman of the House Committee on Education & Labor sent a letter to Gene Dodaro, Comptroller General of the U.S. Government Accountability Office (GAO), requesting GAO to examine the cybersecurity of the retirement system.

“We write to request the U.S. Government Accountability Office (GAO) examine the cybersecurity of the private retirement system. Retirement savings held in defined contribution plans, like 401(k) plans, have grown steadily in recent years, reaching over $5 trillion in 2017. These savings, the new methods of connecting savers with their retirement plans, and the digital interactions between the plans and their service providers hold great promise for both increasing financial literacy and improving financial security for retirement. At the same time, they are also a tempting target for criminals who could hack into plans and individuals’ accounts to access information, commit identity fraud, and steal retirement savers’ nest eggs. It is important that workers and retirees know their savings are in fact safe, and that a cyberattack will not throw the retirement they have spent years working and planning for into jeopardy,” the Members wrote.

The text of the letter is available here. 

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