According to Bloomberg Law, earlier in 2021, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued guidance for retirement plan sponsors regarding cyber threats. In “For Retirement Savers, Even Minor Cyber Intrusions Pose Big Risk,” benefits and executive compensation partner Sarah Bassler Millar discussed the impact of the EBSA’s rules on the retirement industry.
The publication described how the EBSA’s guidance addressed hiring third-party data service providers, best practices for financial service firms and tips that plan participants can use to keep their online information secure.
Bassler Millar said that it’s unclear how pervasive the participant-directed guidance is or even how broadly plans have circulated the DOL’s recommendations.
“I think the DOL is taking notice, and the effect that that’s having is that the industry as a whole is paying more attention,” she added. “But the question plan sponsors have been focused on is their fiduciary obligations related to cybersecurity.”
The full article is available for Bloomberg Law subscribers.