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Compass
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DOL Cybersecurity Guidance: Plan Fiduciaries Will Ultimately Be Liable for Damages
October Three Consulting [Guidance Overview] Apr. 23, 2021 "If the last 20 years of ERISA litigation has shown anything, it is that where there is a problem with a plan service provider, e.g., the plan's recordkeeper's fees are too high, or its cybersecurity standards are too low, it is the plan fiduciary who will be sued. So, when reviewing DOL's description of 'best practices' for service providers, plan fiduciaries should consider how they are going to monitor service provider compliance with them, to 'ensure proper mitigation of cybersecurity risks.' " |
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