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 May 15, 2025

Current Benefit Plan and Audit Related News and Updates

Monday, January, 25, 2016 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)

DOL concerned about Cybersecurity

department-of-labor

 

On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL believes that electronic plan records, whether they are maintained in-house and/or maintained by the financial services industry, are vulnerable to cyber-attacks.

The DOL believes that Plan administrators should be evaluating their plan’s cybersecurity governance as a part of their risk assessment including service providers and their vendors. According to the DOL, Plan administrators should make sure that plan and its providers and vendors for electronic plan records have:

  • Written information security policies –encryption;
  • Periodic audits to detect threats;
  • Periodically tested backup and recovery plans;
  • Responsibility for losses-cyber security insurance; and
  • Training policies to reinforce data security.
Tagged under: 401(k), 403(b), Defined Benefit Plans, DOL, Plan Fiduciary Update

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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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