Retirement Plan Cybersecurity Audits Shock Unprepared Industry

The U.S. Department of Labor’s abrupt enforcement of retirement plan cybersecurity just two months after it first issued guidance on the issue has caught many in the industry off guard.

Investigators with the DOL’s Employee Benefits Security Administration this month began asking plan sponsors questions and seeking documents related to cybersecurity policies and procedures, according to law firms whose clients are the subject of those audits.

EBSA believes cybersecurity should be a chief concern for sponsors and service providers to protect an estimated $9.3 trillion worth of stored American retirement assets. Amid a growing online threat, the agency issued cybersecurity ...