As employee benefit plans shift towards using more technology to speed up the processes that were once done on paper, there are increased cyber risks for Plan Sponsors and Plan Fiduciaries.
A new report posted by Euclid Specialty offers helpful tips for Plan Administrators to meet the new April 2021 Department of Labor guidelines and add to their cybersecurity procedures. Some of these include:
- Have a formal, well-documented cybersecurity program.
- Clearly define and assign information security roles and responsibilities.
- Implement and manage a secure system development life cycle (“SDLC”) program.
- Have an effective business resiliency program addressing business continuity, disaster recovery, and incident response.
“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 Acting Assistant Secretary for Employee Benefits Security Ali Khawar.