Cybersecurity guidance for plan sponsors and participants released by the DOL

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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

Close up businessman hand typing or working on laptop for programming about cyber security , advance future technology conceptThe 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.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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