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ERISA Plan Sponsors – Watch Your Participants' Data! DOL Issues New Cybersecurity Guidance for Retirement Plans | Akerman LLP - HR Defense

On balance, this week’s guidance is helpful to plan participants who want to take an active role in doing their part to ensure their data is secured. But from the perspective of employer plan sponsors and other ERISA plan fiduciaries, the guidance provides much food for thought. Certainly, employers are now on notice regarding their heightened obligations to protect the privacy and security of plan participants’ information and retirement accounts, and those who have historically taken a more narrow focus on fiduciary duties are wise to layer cybersecurity and general data privacy advisors into their legal resource teams.
The February 2021 GAO report had recommended that the DOL formally state whether it is a fiduciary’s responsibility to mitigate cybersecurity risks in defined contribution plans and to establish minimum expectations for addressing cybersecurity risks in defined contribution plans. At the time GAO issued its report, the DOL did not state whether it agree ....

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Cybersecurity: New DOL Guidance for Retirement Plans | Bradley Arant Boult Cummings LLP

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As part of its efforts to protect an estimated $9.3 trillion in retirement plan assets from increasing “internal and external cybersecurity threats,” the Department of Labor (DOL) has issued its first guidance ever concerning cybersecurity and retirement plans. The guidance is intended for three interested groups with a stake in retirement plan administration: the sponsors and fiduciaries of retirement plans; the entities providing administrative and other services to retirement plans; and plan participants and beneficiaries.
The DOL’s new “Online Security Tips” for plan participants and beneficiaries offer a user-friendly summary of the kind of steps that individuals should take in any case to protect their personal financial and other information from online security threats. But plan sponsors and fiduciaries should take special heed of the “Cybersecurity Program Best Practices” and “Tips for Hi ....

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The DOL is Stepping into the Cybersecurity Discussion

Thursday, April 15, 2021
By way of background, cybersecurity has over the last decade become an area of critical importance to sponsors and administrators of employee benefit plans as well as plan participants. Put simply, this is because plans (which the DOL estimates hold $9.3 trillion in assets) are a prime target of cyberthieves, given that they typically hold significant amounts of sensitive participant data, often permit electronic access to funds (think 401(k) distributions) and rely on outside service providers, who provide additional access points for breach. This risk was only exacerbated by the COVID-19 shutdowns, where benefits personnel and their service providers quickly had to transition to working remotely and begin relying on electronic access more than ever before. ....

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