Last week, the Employee Benefits Security Administration arm of the Department of Labor issued guidance focused on protecting and preventing workers’ benefits from the escalating impact of cybersecurity threats. 

The guidance, which addressed plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act, along with plan participants and beneficiaries, provides key sample questions that should be asked of service providers handling sensitive data and best practices for those service providers to minimize risk. The guidance also addresses basic online security tips for participants and beneficiaries. 

With the continued rise of cyberattacks and the lucrative target that is retirement assets and benefits, this guidance both emphasizes the importance of each player’s role in preventing fraud and loss and provides helpful direction in curtailing the same.