Plan Sponsor Best Practices: Cybersecurity
The Department of Labor (DOL) issued guidance in April 2021 on selecting a service provider with strong cybersecurity practices. It also includes guidance for reviewing their activities, which is required by ERISA.
Bonnie Treichel, Chief Solutions Officer, Endeavor Retirement, spoke with Chris Martin at NWCM on how plan sponsors can keep their retirement plans secure.
Guidance was issued to:
- Plan sponsors: DOL published Tips for Hiring a Service Provider with Strong Cybersecurity Practices. It outlines what plan sponsors should request in service provider contracts. It also lists questions for a request for proposal (RFP).
- Service providers with plan-related PII: DOL provided Cybersecurity Program Best Practices. It details a 12-part checklist to ensure service providers’ programs are compliant.
- Participants and beneficiaries: DOL produced Online Security Tips so people can protect themselves against hackers. Tips include registering online accounts, password protocols and more.
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