US DEPARTMENT OF LABOR ANNOUNCES NEW CYBERSECURITY GUIDANCE FOR PLAN FIDUCIARIES

Pension Trustees need to affirm Pension Administrators are in compliance with EBSA Cybersecurity guidelines.
https://www.dol.gov/newsroom/releases/ebsa/ebsa20210414

The Department of Labor Department of Labor set new standards for Cybersecurity Compliance. In April 2021, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued cybersecurity guidance for employee retirement plans. Shortly thereafter, the DOL updated its audit inquiries to include probing questions for plan fiduciaries about their compliance with these new agency guidelines. Subsequently, pension trustees have a responsibility to affirm pension administrators are abiding by Internet Security best-practices as outlined by the Department of Labor.

Legal Computer Consultants (LCC) assists pension trustees, working with pension administrator’s Chief Information Officers (CIOs), to affirm they are following cybersecurity best practices.

Working with the CIO of each pension trust, LCC conducts an in-depth inventory and questionnaire, collates results, and in some cases, requests validation. The evaluation assesses adherence to Department of Labor guidelines as articulated in the following guidelines outlined by the DOL:

Cybersecurity Program Best Practices,
https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/best-practices.pdf

Online Security Tips,
https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/online-security-tips.pdf

and
Tips for Hiring a Service Provider With Strong Cybersecurity Practices.
https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/tips-for-hiring-a-service-provider-with-strong-security-practices.pdf

To learn more about how Legal Computer Consultants helps pension trustees perform cybersecurity due-diligence, contact

Peter Rabbino

peterr@legalcomputer.com

(954) 937-4528

.