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ARTICLE · 21 APRIL 2021

DOL Provides Guidance On Cybersecurity

Hogan Lovells Cadwalader
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The DOL's Employee Benefits Security Administration ("EBSA") provided new guidance for plan sponsors, fiduciaries, participants and record-keepers concerning best practices for managing cybersecurity.

United StatesEmployment and HR

The DOL's Employee Benefits Security Administration ("EBSA") provided new guidance for plan sponsors, fiduciaries, participants and record-keepers concerning best practices for managing cybersecurity. This is the first time the EBSA has provided cybersecurity guidance. (See also GAO retirement plan guidance issued in February 2021: "Defined Contribution Plans: Federal Guidance Could Help Mitigate Cybersecurity Risks in 401(k) and Other Retirement Plans").

The DOL asserted that plan participants and plan assets "may be at risk from both internal and external cybersecurity threats," and that "ERISA requires plan fiduciaries to take appropriate precautions to mitigate these risks."

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