Page 2 - Strong Cybersecurity News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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...

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 advisor...

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...