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ARTICLE · 18 MAY 2021

DOL's New Cybersecurity Guidance

McGuireWoods LLP
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On April 14, 2021, the United States Department of Labor issued for the first time guidance to retirement plan sponsors, fiduciaries, record keepers, service providers and plan participants guidance on cybersecurity issues.

United StatesEmployment and HR
Maria P. Rasmussen
Maria P. Rasmussen

On April 14, 2021, the United States Department of Labor (the "DOL") issued for the first time guidance to retirement plan sponsors, fiduciaries, record keepers, service providers and plan participants guidance on cybersecurity issues. The DOL's press release includes three pieces of guidance, including: (1) Tips for Hiring Service Providers; (2) Cybersecurity Program Best Practices; and (3) Online Security Tips.

The Employee Benefits Security Administration, a sub-agency of the DOL (the "EBSA") long ago stated that addressing cybersecurity has been on the agency's "to do" list and even published a report in 2016 reflecting the need for such guidance, which we previously covered here.

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