However, along with all these opportunities to become more directly involved in plan participants' financial well-being comes the responsibility to safeguard the personalized information that makes it all possible.

Says the report, "[C]ybersecurity has emerged as a top issue for retirement specialist advisors—80 percent rate data security/cybersecurity very important, deeming it the single most important factor when evaluating recordkeepers."

But it's also going to cost plan providers more—in particular recordkeepers and third-party administrators. "In a digital age, these firms essentially double as technology companies, with plan sponsors and their consultants/advisors closely scrutinizing security procedures and policies," Krymkowski is quoted saying, adding, "It is critical for providers to maintain accurate data representing participants' transactions while safeguarding their assets and confidential information."

Not only do providers need to protect client data ranging from Social Security numbers to credit card debt and outstanding student loans, they're also now playing host to deeply personal information on such topics as career satisfaction, work productivity, personal relationships, smoking status and sleep patterns.

That's a treasure trove for cyberthieves, and health data bring along their own particular requirements for safeguards: Protected Health Information (PHI) under the Health Insurance Portability and Accountability Act (HIPAA) carries its own obligations for protection.

READ MORE:

• Report: Executives likely to be targeted for cybercrime
• Employee emails and other causes of data breaches
• Nearly $100,000 stolen from participant in Estee Lauder 401(k) plan