Randall & Hurley, Inc.
Loren D. Stark Company
EPIC Retirement Plan Services
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|Cybersecurity and Related Legal Risks Come Home to ERISA Plans|
June 14, 2021
"The upshot of the DOL's April 2021 cybersecurity tips and best practices is that it puts employers on notice that both the DOL takes this seriously and that plaintiffs could attempt to use this new guidance as a basis for fiduciary duty breach claims. Moreover, service providers can expect detailed questions on cybersecurity in RFPs and RFIs. Plan sponsors will seek more transparency, whereas service providers may be reluctant to divulge too much on their cybersecurity defenses to guard against inadvertently offering up the keys to the castle. The balance of the two will become market practice."
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