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Department of Labor Focuses on Cybersecurity for Benefit Plans | Robinson+Cole ERISA Claim Defense Blog

Department of Labor Focuses on Cybersecurity for Benefit Plans | Robinson+Cole ERISA Claim Defense Blog
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DOL Cybersecurity Guidance: Managing Risks to Employer-Sponsored Retirement Plans | Fisher Phillips

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. ....

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Department of Labor's Cybersecurity Guidance for Benefit Plans Signals Increased Scrutiny | Akin Gump Strauss Hauer & Feld LLP

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On April 14, 2021, the Department of Labor (DOL) issued its first set of guidance documents related to the cybersecurity of retirement benefit plans covered by the Employee Retirement Income Security Act (ERISA). The three-part guidance is aimed at various stakeholders plan fiduciaries, service providers, plan participants and beneficiaries and provides cybersecurity expectations for plan fiduciaries and best practices for their service providers.
Cybersecurity has become an area of critical importance to plan sponsors and administrators of employee benefit plans, as well as their service providers, as they increasingly rely on the Internet and IT systems to administer those plans. In a February 2021 Government Accountability Office (GAO) Report, the GAO, an independent and non-partisan U.S. legislative agency that monitors and audits government spending and operations, highlighted the significant cybersecurity r ....

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Department Of Labor's Cybersecurity Guidance For Benefit Plans Signals Increased Scrutiny - Technology

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On April 14, 2021, the Department of Labor (DOL) issued its
first set of guidance documents related to the cybersecurity of
retirement benefit plans covered by the Employee Retirement Income
Security Act (ERISA). The three-part guidance is aimed at various
stakeholders-plan fiduciaries, service providers, plan participants
and beneficiaries-and provides cybersecurity expectations for plan
fiduciaries and best practices for their service providers.
Cybersecurity has become an area of critical importance to plan
sponsors and administrators of employee benefit plans, as well as
their service providers, as they increasingly rely on the Internet ....

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US Department Of Labor Issues Highly Anticipated Cybersecurity Guidance For ERISA Plans - Employment and HR

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On April 14, 2021, the U.S. Department of Labor (DOL) released
three-part guidance on cybersecurity issues for employee benefit
plans, marking its first significant commentary on the issue since
its comprehensive but nonbinding report in late 2016. The DOL s
guidance arrives amidst an increase in high-profile lawsuits
arising out of retirement plan participants claims that plan
sponsors, responsible fiduciaries, and service providers failed to
adequately protect retirement accounts against cybersecurity
threats. Given the increased threat of cybersecurity attacks
in general and the potential vulnerability of approximately $9.3 ....

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