Is Personal Information of Plan Participants An ERISA Plan Asset?
Retirement plan sponsors are beginning to see more claims involving the alleged wrongful use of personal information belonging to retirement plan participants claimed to be “plan assets”. The specifics of these allegations is that employers…
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Plan Sponsors Specifically Threatened by Cyber Attacks
Retirement plans and, specifically, their plan sponsors are being threatened more and more by cyber attacks. Recordkeepers, custodians, and third party administrators are being attacked due to all the valuable personal data they harbor and…
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It’s Up to Plan Sponsors to Protect Plan Assets from Cyber Attack
Retirement plan participants and beneficiaries rely greatly upon plan sponsors to manage and protect plan assets for their benefit. But with cyber attacks and data breaches becoming more and more prevalent, a plan sponsor’s responsibility…
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Why Do Plan Sponsors Need Fiduciary Liability Insurance?
When you’re in charge of managing a company’s employee benefit plans, you are entrusted with safeguarding the future of your employees. Nonetheless, if you make mistakes with plan management, even the most innocent error may…
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The Fiduciary Duty of Protecting Against Cyber Attacks
Under ERISA, fiduciaries are subject to the prudent expert standard of care, in which they have to act with diligence, care, and skill an expert under the circumstances in their field would. They also owe…
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There is No Consensus Way to Stop Retirement Plan Cyber Attacks
The United States doesn’t have a national regulatory system for governing cybersecurity. There’s no consensus framework in the country for evaluating the effectiveness of cyber protections. Based on the available information, it seems as if…
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Types of Cyber Attacks for Plan Sponsors to Watch Out For
Retirement plans and plan sponsors are coming under attack from cyber attacks. The obvious response is to take precautions to prevent a cyber attack from hitting your retirement plan. But how can you do that without knowing…
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Anti-Virus Software Will Not Protect Your Plan From Cyber Attacks
Your company computer may have an anti-virus program installed on it, but if you think that’s enough to prevent your retirement plan from succumbing to cyber attacks and data breaches, you have another thing coming….
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DOL: Plan Sponsors Must Protect Electronic Plan Information
ERISA does not specifically lay out rules and regulations regarding protecting plan data, but the U.S. Department of Labor has addressed the vulnerability of electronically sent plan information. In Regulation Section 2520.104b-1(c), the DOL stated that…
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