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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.
The DOL’s new “Online Security Tips” for plan participants and beneficiaries offer a user-friendly summary of the kind of steps that individuals should take in any case to protect their personal financial and other information from online security threats. But plan sponsors and fiduciaries should take special heed of the “Cybersecurity Program Best Practices” and “Tips for Hiring a Se