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Employee Benefits Agency Issues First Cybersecurity Guidance (1)

April 14, 2021, 4:24 PMUpdated: April 14, 2021, 8:21 PM

The U.S. Labor Department’s employee benefits agency has issued its first guidance on cybersecurity threats, part of an ongoing effort to establish best practices in the industry and protect workers’ benefits from a growing online threat.

Guidance issued Wednesday by DOL’s Employee Benefits Security Administration is aimed at plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act as well as plan participants and beneficiaries. ERISA requires fiduciaries to mitigate risks to the estimated $9.3 trillion in private-sector benefits they hold.

Individual plans often hold millions of dollars in assets and maintain sensitive personal information about participants—a tempting ...