New DOL Sub-Regulatory Guidance on Cybersecurity and the Use of Participant Data | BakerHostetler

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The U.S. Department of Labor (DOL) Employee Benefits Security Administration has posted new guidance on its website regarding cybersecurity and the use of participant data, and ERISA plan administrators need to pay attention.
The DOL news release states that the DOL seeks to protect $9.3 trillion in U.S. defined benefit plans and defined contribution plans. While the focus is on retirement plans, the guidance is written broadly enough to cover all ERISA plans.
The guidance provides that “ERISA-covered plans hold millions of dollars or more in assets and maintain personal data on participants, which can make them tempting targets for cyber-criminals.” The guidance sets forth

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