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Wall Street aims to thwart a hacking nightmare for 401(k)s

Already protecting banks from cyber attacks, an industry-led project is expanding to 401(k)s and pensions, whose breach could wreak havoc globally.

By Yalman Onaran, Bloomberg | Updated on January 04, 2018

(Bloomberg) – U.S. financial firms plan to expand a secretive project protecting bank accounts against crippling cyber attacks so that it will also guard trillions of dollars in investment funds.

The industry-led project, called Sheltered Harbor, already is known to back up data for savings and checking accounts. But quietly, it’s wrapping in data on retail brokerage accounts at some of the nation’s largest firms, according to participants. And ultimately, the goal is to expand it to an even heftier pool of 401(k) accounts and pension funds, whose breach could upend global markets.

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