How Secure Are You? Cybersecurity Concerns in Retirement Plan Administration

An ever-increasing amount and sophistication of internet crimes targeting employee benefit plan data and assets has led to increasing concerns among ERISA fiduciaries who anticipate the consequences of cybersecurity issues raised in DOL audits of ERISA plans and litigation by plan participants who suffer damages due to cybersecurity breaches. ERISA fiduciaries have had to become more informed and proactive in the information technology space and seek both legal guidance and protections for their retirement plans and their participants.

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Related Content

• Cybersecurity Attack Warning Clauses (Retirement Plan) (Summary Plan Description)
  Consider using these clauses in your retirement plan’s summary plan description (SPD). They provide language to warn plan participants of the dangers of cybersecurity issues relative to the plan's operation and recordkeeping.
• Identity Theft and Internet Fraud Warning Clauses (Retirement Plan) (Summary Plan Description)
  Remind participants that an ounce of prevention is worth a pound of cure. Include these identity theft and internet fraud warning clauses in your retirement plan’s SPD. Advise participants to not share passwords and create unique ones to reduce the risks of illegal access to their accounts.

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Featuring the latest updates from your Practical Guidance account.    

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