Retirement plans hold millions of dollars in participant funds, and plan operational platforms maintain highly sensitive participant information, creating a situation ripe with the risk of identity theft. With this in mind, retirement plans become a focused target for cyber-criminals and cyberattacks. Plan sponsors have a fiduciary obligation to ensure that the plan has proper mitigation of cybersecurity risks and that the participants retirement money and data are secure.

To help support and assist plan sponsors mitigate cybersecurity risk, the U.S. Department of Labor (DOL) has recently announced new guidance on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of U.S. workers. The guidance is not only directed at plan sponsors, but also plan fiduciaries, plan participants and beneficiaries.