Mitigating Cybersecurity Risk as a Plan Sponsor

As a Plan Sponsor, safeguarding sensitive employee benefit data is not just a best practice – it's essential in today's world of increasing cybersecurity threats. By implementing strong security measures, you can help safeguard your participants' information and maintain their trust.

Julie Doran Stewart advises Plan Sponsors to limit access to sensitive employee benefit information through clear internal control policies and regular audits. She emphasizes the need for timely communication with vendors to keep them informed of any access changes. Additionally, Stewart recommends conducting annual due diligence assessments of vendors’ cybersecurity policies to ensure compliance with the Department of Labor's guidelines.

"It’s being diligent about double-checking the access points and doing sort of an internal audit, if you will, on both sides, on a periodic basis."

Interested in learning more? Read the full PLANSPONSOR article here.