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Cybersecurity guidance for plan sponsors and participants released by the DOL

Karen Sanchez

Apr 20 2021

1 min read

On April 14, the Department of Labor’s (DOL) Employee Benefits Security Administration released its first official cybersecurity guidance. This guidance, which includes best practices for maintaining cybersecurity, addresses plan sponsors, participants, fiduciaries and record-keepers.

Cybersecurity Best Practices and Tips

The DOL released three documents that provide insight into protecting retirement accounts from cybersecurity threats, including:

These newly released documents are intended to assist plan sponsors and fiduciaries with safeguarding their plan assets, participants’ Personally Identifiable Information and retirement benefits.

Digital Record-keeping and Plan Management

The DOL issued this update to remind plan sponsors of their obligation to protect retirement accounts and participants from cyber dangers. As many retirement plans are accessed and managed online, and record-keepers maintain reports on the web or cloud, these tips can aid in navigating threats from increasing cyber hacks.

Take the Next Step

ERISA requires plan sponsors and fiduciaries to use a service provider to protect against online threats and to build a sound cybersecurity structure. Learn more about Sikich’s outsourced cybersecurity services and robust practice here.

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About the Author

Karen Sanchez

Karen S. Sanchez, CPA, QPA, oversees Sikich’s employee benefits services team. She leads a group of professionals that provide services in the areas of: employee benefit plan audits, third-party administration services for retirement plans, welfare plan Form 5500 preparation, payroll tax compliance issues, and Affordable Care Act reporting.