Benefit plan sponsors and plan fiduciaries should take note and act quickly – the Department of Labor (DOL) has issued a new cybersecurity guidance package with far-reaching effects and has already begun including this in its enforcement efforts. The report affirmed what many know to be true: private sector employer-sponsored defined contribution plans are a crucial component of retirement security for millions of Americans, and records for these plans are largely stored and accessed virtually. In a contributed article published by Security Magazine, Poyner Spruill LLP associate Hannah Munn summarizes the provided best practices, which are divided into four categories: overall program, annual duties, the nuts and bolts of security and incident response.
To read the full article, visit Security Magazine.
