George Michael Gerstein to discuss the DOL’s new guidance on cybersecurity at P&I’s upcoming DC West Coast conference

Recent incidents like the Colonial Pipeline cyber attack and the Equifax data breach highlight the vulnerability of private information and critical IT systems. Given that defined contribution assets are now at $12 trillion, there’s increased concern over retirement savings being more at risk since plan sponsors and their vendors collect highly-sensitive personal data from plan participants and beneficiaries.

In April, the U.S. Department of Labor announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect retirement benefits. This is the first time the department’s Employee Benefits Security Administration has issued cybersecurity guidance which includes the following discussion points plan sponsors must follow:

Tips for Hiring a Service Provider: Helps plan sponsors and fiduciaries prudently select a service provider with strong cybersecurity practices and monitors their activities, as ERISA requires.
Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks.
Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts online basic rules to reduce the risk of fraud and loss.

When: Monday, October 25, 2021. 2 pm – 2:50 pm EST/11:00 am-11:50 am PST

Moderator: Tim Rouse, Executive Director, The Spark Institute, Inc.

Panelists:

George Michael Gerstein, Fiduciary Governance Group Co-Chair, Stradley Ronon Stevens & Young, LLP
Barbara Erickson, Retirement Specialist, Gladstone Institutes
Mike Fuller, Info Security Sr Engineer II, Principal Financial Group
Chris Magno, General Manager, Service Organization, Security and Risk Management Team, ADP Retirement Services

Blog Authors

Sara P. Crovitz

Sara Crovitz, most recently Deputy Chief Counsel and Associate Director of the U.S. Securities and Exchange Commission’s Division of Investment Management, provides counsel on all aspects of investment company and investment adviser regulation. She worked at the SEC for 21 years, including 17 years in the Division of Investment Management focusing on issues under the Investment Company and Investment Advisers Acts of 1940. While in the Division, Sara supervised the provision of significant legal guidance to the investment management industry through no-action and interpretive letters, exemptive applications, IM guidance updates and other written and oral means.

William T. Mandia

William Mandia represents financial institutions and insurers in complex commercial and class action litigation. He regularly defends and advises life insurers, intermediaries, banks, broker-dealers, investment advisers, and other financial services providers in connection with sales practices claims arising from a wide range of financial and life insurance products, including, but not limited to, claims for alleged breach of fiduciary duty, fraud, and violations of state consumer protection laws.

Peter M. Hong

Peter Hong uses his many years of service at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to guide clients through the various regulatory requirements involved in the offer of financial services and products. His practice includes the registration and regulation of investment advisers, broker-dealers, commodity trading advisers, commodity pool operators, and introducing brokers under federal and state laws, as well as the formation and ongoing compliance obligations of registered and private investment companies.