U.S. Department of Labor announces cybersecurity guidance for ERISA plans
On April 14, 2021, the U.S. Department of Labor (DOL), for the first time ever, released cybersecurity guidance for retirement plan sponsors, service providers, and participants. With approximately $9.3 trillion in retirement plan assets nationwide, it is important that retirement plan sponsors, trustees, and any other service providers with discretion or control over retirement plan assets (collectively, “fiduciaries”) review the DOL guidance and ensure that there are policies and controls in place to protect retirement plan assets from cyberattacks.
