Step Away from that 401(k) Account! Cyber-Hacks and Employee Benefits

Cybersecurity incidents involving employee benefit plans have attracted increased attention. Security incidents have involved breaches of personally identifiable information (PII, in HIPAA-speak), and wholesale theft of defined contribution plan participant accounts. In 2021, DOL issued informal three-part guidance on cybersecurity best practices for retirement plan sponsors, fiduciaries, recordkeepers, and participants. A recent ERISA Advisory Council report explores how employee benefit plans can insure against cybersecurity risks. Plus, the Office of Civil Rights, enforcer for HHS, in its June newsletter, focuses on the importance of having robust authentication processes in place to thwart cyber-attacks on web servers or email servers using stolen or compromised credentials and in an agency letter warns that website tracking technologies may result in inadvertent prohibited disclosures.

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