A NON-TECHNICAL REVIEW OF QUALIFIED RETIREMENT PLAN LEGISLATIVE AND ADMINISTRATIVE ISSUES
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• Conduct cybersecurity awareness training at least annually for all personnel and update to reflect risks identified by most recent risk assessment .
• Implement a Secure System Development Life Cycle Program ( SDLC ).
• Have a business resiliency program that addresses business continuity , disaster recovery , and incident response .
• Encrypt sensitive data stored and in transit .
• Have strong technical controls implementing best practices .
• Take appropriate action to respond to cybersecurity incidents and breaches .
Online Security Tips : Directed at plan participants and beneficiaries who check their retirement accounts online . It provides basic rules to reduce the risk of fraud and loss .
• Register , set up , and routinely monitor your online account .
• Use strong and unique passwords .
• Use multi-factor authentication .
• Keep personal contact information current .
• Close or delete unused accounts .
• Be wary of free Wi-Fi .
• Beware of phishing attacks .
• Use anti-virus software and keep apps and software current .
• Know how to report identity theft and cybersecurity incidents .
Additional information on the tips and best practices summarized above can be found in three documents provided by the DOL .
• Tips for Hiring Service Providers with Strong Cybersecurity Practices
• Cybersecurity Program Best Practices
• Online Security Tips
If you have any questions about the guidance and how it may impact your plan , please contact your representative . ■
DID YOU KNOW ?
As of 2018 , the Department of Labor ’ s ( DOL ) Employee Benefits Security Administration ( EBSA ) estimates that there are 34 million defined benefit plan participants in private pension plans and 106 million defined contribution plan participants covering estimated assets of $ 9.3 trillion .
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© Benefit Insights , LLC All rights reserved . This newsletter is intended to provide general information on matters of interest in the area of qualified retirement plans and is distributed with the understanding that the publisher and distributor are not rendering legal , tax or other professional advice . You should not act or rely on any information in this newsletter without first seeking the advice of a qualified tax advisor such as an attorney or CPA .