The Department of Labor has released new guidelines on ensuring the cybersecurity of systems that are key to protecting $9.3 trillion in retirement benefits for over 34 million participants in contribution plans.
DOL said Wednesday that the Employee Benefits Security Administration‘s (EBSA) guidance includes cybersecurity best practices and is geared toward plan sponsors and fiduciaries, participants and record keepers.
The guidance also covers service provider selection tips and online security practices to prevent loss and fraud. EBSA previously issued regulations on disclosures and electronic records including provisions on records management and system controls.
“This much-needed guidance emphasizes the importance that plan sponsors and fiduciaries must place on combatting cybercrime and gives important tips to participants and beneficiaries on remaining vigilant against emerging cyber threats,” said Ali Khawar, acting assistant secretary for employee benefits security at DOL.