Cybersecurity and ERISA Retirement Plans: Risks and Best Practices for Plan Sponsors and Fiduciaries

Strafford

This CLE course will provide guidance to plan fiduciaries, ERISA counsel, and service providers on trends in data breaches of ERISA benefit plans, discuss the current scope of fiduciary obligations and best practices to protect benefit plan data, and review risk mitigation considerations.

Description

Cybersecurity is an increasingly serious issue for many industries. Recent data breaches across a variety of companies demonstrate that benefit plans, sponsors, and service providers are not immune. Plan sponsors and fiduciaries must act proactively to develop a course of action to address these issues.

Aside from ERISA fiduciary duty principles, there is limited guidance regarding ERISA plan fiduciary duties with respect to privacy and security of plan data and data breaches. The liability for violations of ERISA fiduciary duties can be personal to the individual fiduciary.

Plan sponsors, fiduciaries, and service providers should identify risks and understand the nuances of applicable rules and regulations. In addition, effective privacy and security practices and response procedures should be implemented to minimize potential liability.

Listen as our panel provides guidance to benefits counsel on trends in data breaches in ERISA retirement plans. The panel will discuss the scope of fiduciary obligations to prevent breaches, industry standards, ERISA preemption of state data breach laws, and contractual risk mitigation with third-party administrators (TPAs).

Outline

1. Trends in ERISA data breaches for retirement plans
2. Lessons from recent data breaches and litigation
3. ERISA fiduciary obligations concerning data breaches
4. Incorporating cybersecurity protections into retirement plan contracts with TPAs and other service providers

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