Lexology November 8, 2024
On September 6, 2024, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2024-01, titled “Cybersecurity Guidance Update.” The updated guidance clarifies that the DOL cybersecurity guidance applies to all ERISA-covered plans, and not just retirement plans, but also health and welfare plans. Also, as a direct response to service providers’ concerns, the DOL expanded its 2021 guidance to emphasize that plan sponsors, fiduciaries, recordkeepers, and participants should adopt cybersecurity practices across all employee benefit plans. With cyber risks continually evolving, the update highlights the importance of implementing robust security practices to protect participant information and plan assets.
Background
When the DOL initially issued its cybersecurity guidance in April 2021, it was intended to help ERISA plan sponsors,...
Today's Sponsors
Today's Sponsor