Cybersecurity and Employee Benefits: What Should I Know and Why?

American Bar Association Joint Committee on Employee Benefits [JCEB]

Litigation over cybersecurity breaches is a reality that plan sponsors and administrators face. Are there sufficient security protocols in place for all entities handling plan assets and sensitive plan data? Do remote employees have access to secure data, including plan and other sensitive information, and if so, what protections are needed? Cyber-security liability policy prices are skyrocketing, and some insurers are leaving the market. How do you ensure plan sponsors and vendors have adequate cybersecurity programs and insurance to protect plan participants?

Panelists will discuss Department of Labor and other governmental guidance, and how plans, plan sponsors, and service providers can enact best practices to protect plan participants. Panelists will also discuss DOL audits, cyber-liability policies, and cybersecurity litigation developments from the perspective of plan sponsors, third-party administrators, participants, and cybersecurity insurance carriers.

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