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ARTICLE · 02 JULY 2021

DOL Releases Cybersecurity Best Practices Guidance For Protecting Retirement Benefits

Holland & Knight
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For the first time, the U.S. Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has released cybersecurity guidance aimed at protecting workers' retirement benefits.

United StatesTechnology
John D. Martini
John D. Martini
Kelly L. Bley
Kelly L. Bley
Todd D. Wozniak
Todd D. Wozniak
Rachel C Shim
Rachel C Shim
Paul Bond
Paul Bond
Mark S. Melodia
Mark S. Melodia
Michael Romeo
Michael Romeo
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Highlights

  • New Guidance. The U.S. Department of Labor released cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers and plan participants, and has started incorporating cybersecurity components in its plan audits.
  • Plans Must Comply. Plan sponsors, fiduciaries and service providers are responsible for maintaining adequate cybersecurity protections, and should perform annual self-assessments and third-party audits.
  • Hiring Service Providers. If a plan sponsor opts to engage a third party for administrative or record-keeping services, the guidance outlines best practices for selecting a service provider with strong cybersecurity practices.

For the first time, the U.S. Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has released cybersecurity guidance aimed at protecting workers' retirement benefits. The guidance, which was released by EBSA on April 14, 2021, is directed at plan sponsors, plan

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