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Employee Benefits Security Administration EBSA of U.S. Department of Labor issued its first-ever cybersecurity guidance concerning employee benefit plans this spring & government investigators began seeking information from plan sponsors about cybersecurity policies and procedures.

For Investment Advisers and Broker-Dealers DOL issues Cybersecurity Guidance. On April 14, 2021, the U.S. Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) issued cybersecurity guidance directed towards ERISA plan sponsors and ERISA fiduciary advisors. While the guidance appears similar to SEC’s advice, there is one noticeable difference: the DOL says firms “should” have a reliable annual third-party audit of security controls. As part of this audit, E...

The Department of Labor (DOL) has issued guidance for plan sponsors and plan providers that cover best practices for them for maintaining cybersecurity.

In April, the Department of Labor’s ("DOL") Employee Benefits Security Administration ("EBSA"), for the first time, published subregulatory guidance aimed directly at sponsors of ERISA...

To print this article, all you need is to be registered or login on Mondaq.com. On April 14th, 2021, the Department of Labor ("DOL") issued cybersecurity guidance to plan sponsor and fiduciaries, recordkeepers and other service providers and participants and beneficiaries of plans regulated by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The guidance is presented in three separate parts: Tips for Hiring a Service Provider with Strong Cybers...

To embed, copy and paste the code into your website or blog: On April 14, the Department of Labor’s Employee Benefits Security Administration (EBSA) issued its first cybersecurity-focused guidance related to benefit plans regulated by Employee Retirement Income Security Act (ERISA). Such plans typically involve the collection and use of a wealth of sensitive and detailed personal information regarding plan participants. The cybersecurity guidance emphasizes that plan sponsors and fiduciaries,...

As noted in our recent blog post, the US Department of Labor (DOL) has repeatedly signaled that it would be turning its focus toward the intersection of cybersecurity practices and ERISA’s fiduciary duties. On April 14, 2021, the DOL stopped signaling and started acting, issuing three pieces of subregulatory guidance addressing the cybersecurity practices of retirement plan sponsors, their service providers, and plan participants respectively. While this subregulatory guidance does not have ...

LEAD STORY In a draft executive order, President Joe Biden would direct federal agencies to take sweeping action to combat climate-related financial risks to government and the economy, including moves that could impose new regulations on businesses, including banking and insurance. FALL ON ME The draft order singles out and directs the Federal Insurance Office (FIO) to assess climate-related issues in its oversight of insurers. It asks the FIO to work with state regulators to examine the pot...