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To embed, copy and paste the code into your website or blog: 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 oth...

To embed, copy and paste the code into your website or blog: 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 dollar...

Formally wading into the cybersecurity discussion for the first time, on April 14, 2021, the U.S. Department of Labor (DOL) posted on its website a suite of new guidance, including Tips...

To print this article, all you need is to be registered or login on Mondaq.com. 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 pro...

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 ...