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Navigating Data Privacy and Cybersecurity Risks for ERISA-Regulated Plans: Key Issues for Plan Sponsors and Administrators

Strafford

Oct. 10, 2024
1:00 p.m. - 2:30 p.m. ET
Webinar

This CLE webinar will provide guidance to employee benefits counsel on managing data privacy and cybersecurity risks for ERISA healthcare and retirement plans, lessons from recent data breaches, ERISA fiduciary obligations, ERISA preemption of state data breach laws, and contractual risk mitigation with third-party administrators (TPAs).

Description

Data breach prevention and response is an increasingly serious issue for many industries. Recent data breaches have affected employers and health plans nationwide, confirming that health plans and insurers are not immune. Plan sponsors and fiduciaries must take great care to comply with complex regulations that differ based on the type of plan involved.

On Apr. 22, 2024, the UnitedHealth Group announced that it paid a ransom to protect patient data potentially acquired through a cyberattack on one of its subsidiaries earlier this year. This incident further solidifies the need for ERISA counsel and fiduciaries to acquire a complete understanding of applicable regulations to maintain data privacy.

Unlike the liability for breaches of healthcare plans where the standards and liability are more certain (e.g., HIPAA), the standards and liability under ERISA for retirement benefits plans are inconclusive. While regulatory guidance to ERISA administrators and fiduciaries regarding data breaches is scarce, the DOL provided limited guidance on cybersecurity risks.

Listen as our esteemed panel provides guidance to benefits counsel on trends in data breaches of ERISA healthcare and retirement plans. The panel will review recent cases, discuss the scope of fiduciary obligations to prevent breaches, address ERISA preemption of state data breach laws, and outline contractual risk mitigation with TPAs.

Outline

  1. Trends in ERISA data breaches: healthcare and retirement plans
  2. Lessons from the BCBS/Anthem litigation
  3. ERISA fiduciary obligations with respect to data breaches
  4. Trends in ERISA preemption litigation and what it portends for preemption of state data breach laws
  5. Incorporating cybersecurity protections into retirement plan contracts with TPAs

More Information, How to Register

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