EBSA's Cybersecurity Guidance for Retirement Plans
Highlights
The EBSA’s cybersecurity guidance provides a road map for ERISA plan fiduciaries to hedge against cybersecurity risks to retirement plans
Service provider contracts should be reviewed to incorporate cybersecurity provisions aligned with EBSA’s guidance
Plan fiduciaries should communicate EBSA’s guidance to participants so they can take steps to protect their retirement account security
On April 14, 2021, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued guidance on cybersecurity for ERISA pension benefit plans, in response to the Government Accountability Office’s request for suggestions on how benefit plan officials should hedge against cybersecurity risks threatening plan assets and plan participant data.
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