By Emily Brill (April 16, 2021, 7:53 PM EDT) -- The U.S. Department of Labor's first-ever guidance on employee retirement plans' cybersecurity duties set some long-awaited standards for how employers and plan administrators should protect saver data, but some questions remain about plans' legal responsibility to shield worker savings from cyberthieves.
Here, Law360 offers what benefits attorneys say are the most notable takeaways from the new guidance.
Long Time Coming
The guidance arrived April 14 courtesy of DOL's benefits unit, the Employee Benefits Security Administration, or EBSA. Tackling cybersecurity had long been on the sub-agency's to-do list, given that the ERISA Advisory Council — a committee of experts that counsels EBSA on...
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