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When the U.S. Department of Labor issues a new rule or guidance on fiduciary responsibility, it usually takes a long period before it gets its audits of plan sponsors underway. That turned out not to be the case with the DOL’s cybersecurity guidance. Field audits conducted by the DOL’s enforcement arm, the Employee Benefits Security Administration (“EBSA”), began almost immediately in June 2021 after the publication of the guidance. Such an intense audit rollout should motivate plan fiduciaries to get prepared.
The topics covered in the cybersecurity guidance are titled Tips for Hiring a Service Provider with Strong Cybersecurity Practices; Cybersecurity Program Best Practices; and Online Security Tips. This podcast will orient listeners to the EBSA’s test of an employer’s conformance to the proper methods for selecting cyber-ready vendors for enterprise sponsored qualified retirement plans.
About our host
Ronald E. Hagan is chairman of Roland|Criss’ Risk Standards Committee. Ron has over 25 years of experience helping clients examine and improve their risk management practices for employee benefit plans qualified under the Employee Retirement Income Security Act of 1974. He is the engaging host of Roland|Criss’ weekly podcast and quarterly webinar series.
