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US regulators have increased their focus on cybersecurity issues impacting financial services companies, with a host of guidance documents recently released by the US Securities and...
Standardized processes can help plans identify vendors who excel at providing data protection for the retirement industry.
For Investment Advisers and Broker-Dealers DOL issues Cybersecurity Guidance. On April 14, 2021, the U.S. Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) issued cybersecurity guidance directed towards ERISA plan sponsors and ERISA fiduciary advisors. While the guidance appears similar to SEC’s advice, there is one noticeable difference: the DOL says firms “should” have a reliable annual third-party audit of security controls. As part of this audit, EBSA expects to see audit reports, audit files, penetration test reports, and any other analyses or r...
The Government Accountability Office recently urged the U.S. Department of Labor to release guidance on cybersecurity matters in an effort to mitigate risks to 401(k) and other...
To embed, copy and paste the code into your website or blog: On April 14, the Department of Labor’s Employee Benefits Security Administration (EBSA) issued its first cybersecurity-focused guidance related to benefit plans regulated by Employee Retirement Income Security Act (ERISA). Such plans typically involve the collection and use of a wealth of sensitive and detailed personal information regarding plan participants. The cybersecurity guidance emphasizes that plan sponsors and fiduciaries, and their service providers, are expected to take steps to mitigate cybersecurity risks under their...