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ARTICLE · 10 JUNE 2021

Cybersecurity Guidance Issued To Retirement Plan Sponsors

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The Department of Labor recently issued cybersecurity guidance to retirement plans. The department's Employee Benefits Security Administration (EBSA) issued guidance in three areas...

United StatesTechnology

The Department of Labor recently issued cybersecurity guidance to retirement plans. The department's Employee Benefits Security Administration (EBSA) issued guidance in three areas: (1) hiring and working with vendors and service providers; (2) implementing an internal cybersecurity program for the plan; and (3) online security for plan participants and end-users.

Recommendations made to plan sponsors and administrators include:

  • Asking vendors what security practices they use and how those measures are validated;
  • Determining the type and scope of vendors' cyber insurance;
  • Putting a formal cybersecurity program in place and conduct annual risk assessments;
  • Using security measures like encryption, and conducting periodic training;

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