Cybersecurity: Keeping Participant Data Safe

Benefits and executive compensation partner Heather Abrigo authored an article for 401(k) Advisor, titled “Cybersecurity: Keeping Participant Data Safe,” that addresses the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) guidance that was issued in April 2021.

Abrigo explains that EBSA identifies some best practices to mitigate cybersecurity risk in the administration of ERISA-covered plans, along with issuing advice on hiring retirement plan service providers and providing online security tips for retirement plan participants. The article notes that this guidance is significant because this is the first time that EBSA has issued cybersecurity guidance for plan sponsors and plan service providers.

Abrigo explains that the recommendations EBSA outlines to protect participant data and highlights that plan sponsors should start to address these best practices with their services providers and legal counsel.