Cybersecurity and ERISA Retirement Plans: Risks and Best Practices For Plan Sponsors and Fiduciaries

Recording of a 90-minute premium CLE video webinar with Q&A


Conducted on Wednesday, January 13, 2021

Recorded event now available

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Program Materials

This CLE webinar will provide guidance to plan fiduciaries, ERISA counsel, and service providers on trends in data breaches of ERISA benefit plans, discuss the current scope of fiduciary obligations and best practices to protect benefit plan data, and risk mitigation considerations.

Description

Cybersecurity is an increasingly serious issue for many industries during the pandemic. Recent data breaches across a variety of companies demonstrate that benefit plans, sponsors, and service providers are not immune. Plan sponsors and fiduciaries must act proactively to develop a course of action to address these issues.

Aside from ERISA fiduciary duty principles, there is limited guidance regarding ERISA plan fiduciary duties with respect to privacy and security of plan data and data breaches. The liability for violations of ERISA fiduciary duties can be personal to the individual fiduciary.

Plan sponsors, fiduciaries, and service providers should identify risks and understand the nuances of applicable rules and regulations. In addition, effective privacy and security practices and response procedures should be implemented to minimize potential liability.

Listen as our panel provides guidance to benefits counsel on trends in data breaches in ERISA retirement plans. The panel will discuss the scope of fiduciary obligations to prevent breaches, industry standards, ERISA preemption of state data breach laws, and contractual risk mitigation with third-party administrators (TPAs).

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Outline

  1. Trends in ERISA data breaches for retirement plans
  2. Lessons from recent data breaches and litigation
  3. ERISA fiduciary obligations concerning data breaches
  4. Incorporating cybersecurity protections into retirement plan contracts with TPAs and other service providers

Benefits

The panel will review these and other key issues:

  • What lessons can be learned from recent breaches of retirement plan employee information and data?
  • What should ERISA plan fiduciaries consider in developing benefit plan cybersecurity best practices?
  • How can cybersecurity protections be incorporated into retirement plan contracts with service providers and TPAs?
  • What specific obligations do plan sponsors and fiduciaries have when responding to an occurrence of a data breach?

Faculty

Bokert, Mark
Mark E. Bokert

Partner/Co-Chair
Davis & Gilbert

Mr. Bokert is co-chair of the firm's Benefits & Compensation Practice Group. His practice encompasses nearly...  |  Read More

Capezza, Michelle
Michelle Capezza

Member
Epstein Becker & Green

Ms. Capezza is a Member of the Firm in the Employee Benefits and Health Care and Life Sciences practice groups. For...  |  Read More

Gower, Robert
Robert R. Gower

Director
Trucker Huss

Mr. Gower concentrates his practice in all aspects of tax-qualified retirement plan design, compliance, and...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts.

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