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.
