PLANSPONSOR - June - July 2022 - 34
BEST PRACTICES | CYBERSECURITY
The Best Line of Defense
What committees should know to keep their plan cybersecure
C
onsidering the growth in cyberattacks
of retirement plans, it is
essential for recordkeepers to
have a strong cybersecurity program in
force. But it is also important for the plan
committee to make cybersecurity a priority-not
just when selecting a recordkeeper
and other service providers, but
also when reviewing those providers'
cybersecurity practices.
" We're seeing and hearing that many
plan fiduciaries get questions and document-requests
about cybersecurity from
the Department of Labor more frequently, "
says Percy Lee, an employee benefits law
attorney with Ivins, Phillips & Barker in
Washington, D.C. " Those could be questions
about isolated incidents or related to
a certain recordkeeper, or [requests for] a
more comprehensive questionnaire. "
Summer Conley, a partner with
Faegre, Drinker, Biddle and Reath in Los
Angeles, and a columnist for this magazine,
focuses on employee benefits and
executive compensation. She says cybersecurity
has become one of the DOL's
priority items, with its regulators asking
a laundry list of cybersecurity questions
during investigations.
Three Levels of Focus
Conley recommends that plan committees
focus on cybersecurity at three
levels: the choice of service providers;
the plan sponsor's internal policies; and
the communications about cybersecurity
34 PLANSPONSOR.COM June - July 2022 Art by Karlotta Freier
for participants. Not only is it important
that committees include cybersecurity in
requests for proposals and agreements
when choosing a recordkeeper and other
service providers, she says, but also that
they add a cybersecurity review to their
annual work plan, like they do with
investment reviews.
" The world in general has become
more conscious of cybersecurity, and it's
important to be aware that it's an issue
for plans and is in the general fiduciary
responsibilities, " she says.
Depending on the size and type of
employer, some committees may be better
prepared to assess service providers'
cybersecurity measures. But some new
resources can help. A year ago April, the
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PLANSPONSOR - June - July 2022
Table of Contents for the Digital Edition of PLANSPONSOR - June - July 2022
INSIGHTS
RULES & REGULATIONS
UPFRONT
2022 Plan Sponsor of the Year Winners
By Extension
Talent Management
The Best Line of Defense
Under-the-Radar Plan Errors
FIDUCIARY FORUM
INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover1
PLANSPONSOR - June - July 2022 - Cover2
PLANSPONSOR - June - July 2022 - 1
PLANSPONSOR - June - July 2022 - INSIGHTS
PLANSPONSOR - June - July 2022 - 3
PLANSPONSOR - June - July 2022 - RULES & REGULATIONS
PLANSPONSOR - June - July 2022 - 5
PLANSPONSOR - June - July 2022 - 6
PLANSPONSOR - June - July 2022 - 7
PLANSPONSOR - June - July 2022 - UPFRONT
PLANSPONSOR - June - July 2022 - 9
PLANSPONSOR - June - July 2022 - 10
PLANSPONSOR - June - July 2022 - 11
PLANSPONSOR - June - July 2022 - 12
PLANSPONSOR - June - July 2022 - 13
PLANSPONSOR - June - July 2022 - 2022 Plan Sponsor of the Year Winners
PLANSPONSOR - June - July 2022 - 15
PLANSPONSOR - June - July 2022 - 16
PLANSPONSOR - June - July 2022 - 17
PLANSPONSOR - June - July 2022 - 18
PLANSPONSOR - June - July 2022 - 19
PLANSPONSOR - June - July 2022 - 20
PLANSPONSOR - June - July 2022 - 21
PLANSPONSOR - June - July 2022 - 22
PLANSPONSOR - June - July 2022 - 23
PLANSPONSOR - June - July 2022 - 24
PLANSPONSOR - June - July 2022 - 25
PLANSPONSOR - June - July 2022 - 26
PLANSPONSOR - June - July 2022 - 27
PLANSPONSOR - June - July 2022 - By Extension
PLANSPONSOR - June - July 2022 - 29
PLANSPONSOR - June - July 2022 - 30
PLANSPONSOR - June - July 2022 - 31
PLANSPONSOR - June - July 2022 - Talent Management
PLANSPONSOR - June - July 2022 - 33
PLANSPONSOR - June - July 2022 - The Best Line of Defense
PLANSPONSOR - June - July 2022 - 35
PLANSPONSOR - June - July 2022 - Under-the-Radar Plan Errors
PLANSPONSOR - June - July 2022 - 37
PLANSPONSOR - June - July 2022 - FIDUCIARY FORUM
PLANSPONSOR - June - July 2022 - 39
PLANSPONSOR - June - July 2022 - INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover3
PLANSPONSOR - June - July 2022 - Cover4
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