Spencer Fane attorney Beth Miller recently wrote an article featured in BenefitsPRO on the United States Department of Labor’s (DOL) new cybersecurity guidance for retirement plan fiduciaries and service providers.
Titled “DOL issues cybersecurity guidance aimed at reducing risk of fraud, account losses,” the article outlines best practices, advice for hiring a service provider, and online security tips.
“In the guidance, the EBSA states that ERISA fiduciaries are required to take appropriate steps to mitigate internal and external cybersecurity threats to plan participants and retirement plan assets,” Beth explained in the article. “To assist fiduciaries and service providers in fulfilling this obligation, EBSA issued two documents that describe cybersecurity best practices –Cybersecurity Program Best Practices and Tips for Hiring a Service Provider.”
To read the full article, please click here.