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On April 14, 2021, the Department of Labor (DOL) issued its
first set of guidance documents related to the cybersecurity of
retirement benefit plans covered by the Employee Retirement Income
Security Act (ERISA). The three-part guidance is aimed at various
stakeholders-plan fiduciaries, service providers, plan participants
and beneficiaries-and provides cybersecurity expectations for plan
fiduciaries and best practices for their service providers.
Cybersecurity has become an area of critical importance to plan
sponsors and administrators of employee benefit plans, as well as
their service providers, as they increasingly rely on the Internet