As retirement plans change to operate less in a paper environment and more in an electronic environment, this changes the risks for fiduciaries and plan management to consider. With this change to a more online presence of sensitive participant data, fiduciaries and plan management must consider controls to safeguard the retirement plan and the personally identifiable information. This month we will highlight the second publication produced by the Employee Benefits Security Administration (“EBSA”), “Cybersecurity Program Best Practices”. As fiduciaries of retirement plans, there are many responsibilities that must be managed and addressed, including cybersecurity. This publication will help fiduciaries navigate their responsibility related to cybersecurity and provide some best practices to mitigate the risk of cybersecurity threats. Below is a link to the guidance issued by EBSA. Come back next month for the third series regarding the recently issued cybersecurity guidance!
Link to the EBSA publication: https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/best-practices.pdf
