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On April 14, 2021, the Department of Labor (“DOL”) issued several pieces of guidance on cyber security best practices, including: (1) a press release, (2) Online Security Tips for retirement plan participants, (3) a Tips for Hiring a Service Provider with Strong Cybersecurity Practices, and (4) Cybersecurity Program Best Practices. This set of cybersecurity guidance emphasizes how critical it is for fiduciaries to focus on cybersecurity issues in selecting, contracting with and monitoring the performance of recordkeepers and other plan service providers to protect plan participants. Fiduciaries should focus on cybersecurity in performing service provider due diligence, in negotiating service provider contracts, and in ongoing monitoring of a service provider’s compliance with policies and procedures and to ensure that any breaches are promptly reported, investigated and addressed.
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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
Biden taps former BOEM chief for key Interior oil regulation role By Jennifer A. Dlouhy on 4/14/2021
Tommy Beaudreau
WASHINGTON (Bloomberg) Tommy Beaudreau, a veteran of the Interior Department who charted new restrictions for Arctic oil drilling under former President Barack Obama, is being tapped to return to the agency as its No. 2 official.
President Joe Biden is slated to nominate Beaudreau to be the deputy Interior secretary, according to two people familiar with the matter who asked not to be named before a formal announcement expected later this week.
Beaudreau, a lawyer, rose to prominence for his role amid the disastrous Deepwater Horizon oil spill in the Gulf of Mexico in 2010, when he was responsible for helping to turn around the Interior Departmentâs oversight of offshore oil development.
By Jennifer A. Dlouhy (Bloomberg)
Tommy Beaudreau, a veteran of the Interior Department who charted new restrictions for Arctic oil drilling under former President Barack Obama, is being tapped to return to the agency as its No. 2 official.
President Joe Biden is slated to nominate Beaudreau to be the deputy Interior secretary, according to two people familiar with the matter who asked not to be named before a formal announcement expected later this week.
Beaudreau, a lawyer, rose to prominence for his role amid the disastrous Deepwater Horizon oil spill in the Gulf of Mexico in 2010, when he was responsible for helping to turn around the Interior Department’s oversight of offshore oil development.
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