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On September 21, 2021, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued an "Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments" (the "Updated Advisory").
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 Cybersecurity Practices, Cybersecurity Program Best Practices and Online Security Tips for Participants...
To embed, copy and paste the code into your website or blog: Earlier this month, the U.S. Department of Labor (the “DOL”) issued informal guidance outlining “best practices” for managing the cybersecurity risks facing employer-sponsored retirement plans. Although the DOL has previously stated generally that plan fiduciaries must ensure systems are in place to protect participant data, this guidance marks the first time the DOL has directly addressed cybersecurity in this context. The most notable portion of the guidance for plan sponsors and fiduciaries are the DOL’s Tips for Hir...
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: 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...