Cybersecurity Risks and Best Practices for Retirement Plans: Employee Benefits Tax Series

Mintz Of Counsel Michelle Capezza co-presented "Cybersecurity Risks and Best Practices for Retirement Plans," part four in the Employee Benefits Tax Series sponsored by the Employee Benefits Committee of the D.C. Bar Taxation Community.

Cybersecurity has been a hot topic for many years as security breaches involving companies and organizations that are household names have become common. While cybersecurity is a concern for enterprises of all types, the issues for employee benefit plans – which have large pools of assets (and participants depending on those assets), maintain sensitive participant information, and are generally managed by fiduciaries subject to strict fiduciary standards – can be particularly acute. Into this landscape, the U.S. Department of Labor on April 14, 2021 issued three-part guidance related to cybersecurity for plans as follows: 

• Tips for hiring a service provider
• Cybersecurity program best practices
• Online security tips