Bloomberg Law
June 3, 2021, 10:30 AM

Retirement Plan Cybersecurity Crackdown Coming, Firms Are Warned

Austin R. Ramsey
Austin R. Ramsey

New retirement plan cybersecurity guidance has plan sponsors and service providers on alert for a U.S. Labor Department crackdown on how employer benefits information is stored and handled online.

DOL’s Employee Benefits Security Administration issued cybersecurity tips and best practices for the first time in late April, outlining a detailed process for how fiduciaries can select cyber-savvy service providers, best practices for service providers handling participant information, and ways both participants and beneficiaries can protect themselves online.

Amid growing online threats, EBSA officials have said they want to put cybersecurity on the retirement industry’s radar to protect an estimated $9.3 ...