Cybersecurity is continuing to be a growing focus in many industries. With this continued focus, the Employee Benefits Security Administration (“EBSA”) released initial guidance to assist parties-in-interest to retirement plans to help safeguard the retirement plans from potential cybersecurity threats. EBSA produced 3 different publications related to this guidance, with the first topic being “Tips for Hiring a Service Provider”. Service providers can be the custodian, trustee, recordkeeper, etc. of the Plan and can play a major role in administering a retirement plan. Selecting a service provider that has a robust cybersecurity program will be important for plan fiduciaries to review and monitor. Below is a link to the guidance issued by EBSA. Come back next month for the second 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/tips-for-hiring-a-service-provider-with-strong-security-practices.pdf