In the realm of pension plan administration, the issue of cybersecurity risk management is becoming more prominent. Following recent data breaches affecting pension systems and their beneficiaries across the nation, administrative officials are under increasing scrutiny from the Department of Labor regarding their cybersecurity policies and procedures.
Nossaman LLP’s Ashley Dunning and Michelle McCarthy hosted an episode of Pensions, Benefits & Investments Briefings, where they discussed the topic in-depth with welcomed guest Peter Dewar. This episode provides an invaluable insight into the current landscape of cybersecurity threats and showcases some effective ways for pension plan administrators to stay ahead of hackers.
Ashley, Michelle, and Peter shed light on the Department of Labor’s increased audit focus on cybersecurity policies implemented by ERISA employee benefit plan fiduciaries. Theyprovide actionable advice, outlining key strategies such as implementing robust security measures, ensuring adherence to the best practices in data management, and staying well-informed of the latest cybersecurity issues.
If you’re navigating the complex world of pension plan administration, this is an episode not to be missed. Take advantage of the opportunity to stay informed and compliant, and most importantly – to keep the pension systems and their retirees safe from cyber threats.