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Retirement Plan Cybersecurity: Don't Assume Outsourced Administration Is Duty-Free
Morgan Lewis Link to more items from this source
Dec. 3, 2019

"[F]iduciaries could consider utilizing the standard addendum or attachment for data security/processing that the plan sponsor uses for its vendor arrangements. Introducing this addendum or attachment at the request for proposal (RFP) stage would help [1] ensure that service providers are chosen based on more than just price and [2] avoid difficult negotiations later in the contracting process.... [P]lan fiduciaries that already have recordkeeping and other outsourcing agreements in place may consider reviewing and, as practical, renegotiating those agreements to update or add data security requirements."

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