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New cybersecurity developments and observations, including those relating to Department of Labor’s review of cybersecurity issues, warrant prompt consideration by plan sponsors and other fiduciaries of employee benefit plans subject to ERISA. Last year, DOL published cybersecurity guidance applicable to both retirement and health and welfare plans. Though group health plan sponsors may be familiar with similar cybersecurity requirements imposed under HIPAA, the DOL’s cybersecurity guidance (in the form of “best practices” and “tips”) raise new considerations for retirement plans as well as welfare plans. These considerations are in addition to HIPAA data security requirements applicable to group health plans.
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