According to a recent survey, about 45 percent of companies do not have a chief information security officer (CISO). As technology consultancy West Monroe's The Importance of a CISO observes, it would be terrific for all organizations to have a CISO, but that simply may not be practical for some, particularly smaller organizations. Recent internal audit guidance issued by the federal Department of Labor (DOL), however, directs its investigators to verify the designation of a CISO when auditing retirement plans.
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Do Retirement Plans Need a Chief Information Security Officer?
SHRM | Mar 2022
On May 15, 2024, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-P which governs the treatment of nonpublic personal information about consumers by certain financial institutions, many of which are commonly vendors and service providers to retirement plans. For example, the amendments reach broker-dealers, investment companies, registered investment advisers, and transfer agents. Importantly, the amendments establish specific cybersecurity requirements for these entities, requirements that retirement plan fiduciaries should be aware of.
Why Retirement Plan Sponsors and Fiduciaries Need to Know about the SEC Cybersecurity Amendments
Jackson Lewis | May 2024
401(k) World: Cyber Thieves
Plan Adviser | Mar 2024
Developing A Cybersecurity Policy For ERISA Plans
Harter Secrest | Jan 2024
Retirement Plans & Cybersecurity: Insights for Plan Sponsors
BDO USA | Nov 2023
Protecting 401(k) Participants from Cybertheft Should be a Priority-What Sponsors and the Government Can Do
Cohen Buckmann | Jul 2023
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401k Service Providers and Cybersecurity: Questions to Ask
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Related reading: Another Cybertheft Lawsuit Spotlights 401(k) Recordkeeper Procedures
Cohen & Buckmann | Aug 2022
DOL Issues Cybersecurity Best Practice for Retirement Plans
The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) in April 2021 issued much-anticipated cybersecurity guidance for employee retirement plans. The essence of the guidance is that responsible plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks.
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DOL Issues Cybersecurity Best Practices for Retirement Plans
Jackson Lewis via SHRM | Apr 2021
Related reading: Cybersecurity Requests Appear in DOL Audits
Groom | Oct 2021
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