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To embed, copy and paste the code into your website or blog: On April 14, 2021, the U.S. Department of Labor announced new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, and plan participants. The guidance is specifically “directed at plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act, and plan participants and beneficiaries” and is intended to mitigate cybersecurity risks to pension plans and contribution plans. While organizations with mature cybersecurity and vendor management programs may not find much of note within the...

Seyfarth Synopsis:   Retirement plans hold millions (sometimes, hundreds of millions) of dollars in assets, and participants’ personal information is increasingly maintained and accessible online.  With such large amounts of money accessible electronically, retirement plans can be a prime target for cyber-criminals. In response to this growing issue, on April 14, 2021, the Department of Labor (“DOL”) issued a three-part set of informal guidance with best practices and suggestions from different perspectives for addressing cybersecurity in the retirement plan world.  Acknowledging tha...

To print this article, all you need is to be registered or login on Mondaq.com. Many issues keep employee benefit plan administrators, committees, and sponsors (plan fiduciaries) awake at night, but cybersecurity is especially troubling for many reasons. Employee benefit plans face significant cybersecurity threats and, given the incredibly significant amount of assets involved, the consequences of even one single attack can be devastating. Further, plan fiduciaries can have the best cybersecurity procedures in place for their own internal systems, and yet the plan or ...

To embed, copy and paste the code into your website or blog: On April 14, 2021, the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) finally issued first-ever guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity to protect the retirement benefits of America’s workers under ERISA-subject private sector employer-sponsored retirement plans. Background. The Employee Retirement Income Security Act of 1974 (ERISA) established minimum standards and requirements intended to protect p...

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