Slavic Integrated Administration (Slavic401k) issued a notification regarding a data discrepancy issue on August 5, 2024, which resulted in one participant’s 401k statement being inadvertently exposed to another participant within the same retirement savings plan. The issue was identified when the second-quarter statement, generated on July 9, 2024, was incorrectly disclosed to another account holder. While the error was quickly identified and corrected, the company reassured affected participants that no malicious intent was involved and no sensitive personal information, such as Social Security numbers or dates of birth, was compromised.
The information that was potentially exposed included basic account details, such as the participant’s name, company name, Slavic401k account number, account balance, and account summary, including withdrawals, transfers, and earnings. However, there was no indication that the exposed data was used for malicious purposes. Once the discrepancy was identified, Slavic401k promptly conducted an impact analysis to assess the scope of the issue and performed corrective actions to rectify the data in its systems. They emphasized that the error was strictly due to a data discrepancy, not a cybersecurity breach.
Slavic401k took immediate steps to correct the error by generating new, accurate statements for affected participants. These revised statements will be delivered to individuals in the coming weeks. Additionally, affected participants were notified that they would receive a new account number as a precautionary measure. The company also highlighted its efforts to improve its processes to prevent similar incidents in the future, while ensuring that additional safeguards are implemented to protect participants’ data.
To provide further reassurance, Slavic401k is offering identity theft protection services through IDX, a trusted identity protection service provider. This includes credit monitoring, CyberScan monitoring, and ID theft recovery services, all at no cost to the affected participants. The company also reminded participants that their Slavic401k account balance is backed by the Slavic401k Participant Security Guarantee Program, ensuring continued protection for their financial information. Slavic401k is committed to addressing any issues that arise and improving the security of its systems moving forward.
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