VIDEO
In 2024, the U.S. Department of Labor (“DOL”) took significant regulatory actions to enhance cybersecurity for employee benefit plans. This video highlights the key developments.
Potential for Enforcement Action
While not explicitly stated, the DOL’s increased focus on cybersecurity may lead to more rigorous enforcement actions against plan sponsors who fail to implement adequate protections.
Employers should proactively review and update their cybersecurity practices in anticipation of these expectations. This includes staying informed about the latest DOL guidance, conducting regular risk assessments, and ensuring that all aspects of their 401(k) plan administration incorporate strong cybersecurity measures.
As cyber threats continue to evolve, the DOL’s expectations are likely to become more stringent, requiring employers to remain vigilant and adaptable in their approach to protecting plan assets and participant information.
By harnessing network intelligence capability, employee benefit plan committees can establish a robust cybersecurity defense against the risks posed by third-party and fourth-party vendors. Cyber-ProtectRC from Roland|Criss is a comprehensive solution.
