"Through this Compliance Assistance Release, [EBSA clarifies] that the cybersecurity guidance applies to all types of ERISA plans, including health and welfare plans and all employee pension benefit plans. This is reflected in the [following] updated guidance:

• Tips for Hiring a Service Provider: Helps plan sponsors and fiduciaries prudently select a service provider with strong cybersecurity practices and monitor their activities, as ERISA requires.
• Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks.
• Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts or other employee benefit plan information online basic rules to reduce the risk of fraud and loss.

The Department of Health and Human Services also offers publications that may help health plans and their service providers maintain good cybersecurity practices."  MORE >>

"As of June 2024, EBSA estimates ERISA covers 2.8 million health plans, 619,000 other welfare benefit plans and 765,000 private pension plans in America. These plans include 153 million workers, retirees and dependents who participate in private sector pension and welfare plans with $14 trillion in estimated assets. Without sufficient protections, digital participant and assets information may be vulnerable to the internal and external risks of computer-related crimes and losses. Federal regulations require plan fiduciaries to take appropriate precautions to mitigate these risks."  MORE >>