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“[Cybersecurity protection] is not something in passing that [the Department of Labor is] involved in, not something that once a breach occurs, now they're gonna get involved. They're trying to be more preventative. We're trying to get the information out to all of our clients, as well as anyone listening here: this is something you need to pay attention to.”
Topics discussed in this episode include:
- Plan sponsors have a fiduciary duty to ensure the safety of participants’ assets from fraud, even if the funds are managed by a service provider
- The Department of Labor may ask about your company’s cybersecurity protections during unrelated visits to test your readiness
- Documenting proactive, annual risk assessments and quarterly or monthly control reviews is a critical way to provide proof of good-faith effort to keep your plan and participants protected
- ERISA bonds will not cover a fraud situation, so invest in an insurance plan to keep your plan and your company covered in case of a breach.
Episode resources
