Skip to main content

Watch our latest video: "3Q2023 Market Review and Outlook for 2023"

RPS cybersecurity banner image

DOL Cybersecurity Tips

Photo of author, Teresa Shawver, FPQP™, CPFA®.
Teresa Shawver, FPQP™, CPFA®
Manager of Advisory Service Standards

In this age of relying heavily on technology, it is vital to take the necessary cyber security precautions. You want to make sure that all sensitive information is highly protected. This document showcases some tips and trick for plan sponsors.

Topics include: Security Standards, Establishing a Formal Cybersecurity Program, Using Multi-Factor Authentication, Cybersecurity Insurance, and much more.

Per the DOL, plan sponsors should ask the service provider about the following:

  • Security Standards
  • Security Practices
  • Security Policies
  • Audit Results
  • Security Validation Process
  • Security Levels Implemented
  • Past Security Breaches
  • Cybersecurity Insurance
  • Cybersecurity Guarantee

Per the DOL, plan sponsors should consider the following actions:

  • Establish a formal Cyber Security Program
  • Conduct annual risk assessments
  • Hire third party to audit security controls
  • Define and assign information security roles and responsibilities
  • Establish strong access control procedures
  • If data stored in cloud or with third party conduct security reviews
  • Conduct cyber security awareness training
  • Implement secure system development life cycle
  • Create effective business resiliency program
  • Encrypt sensitive data
  • Respond to cyber security events

Per the DOL, plan participants should consider the following actions:

  • Register your account
  • Regularly monitor your account
  • Use strong and unique passwords
  • Use multi-factor authentication
  • Keep personal contact information current
  • Close or delete unused accounts
  • Do not use free Wi-Fi
  • Beware of Phishing attacks
  • Do not store login information in your email account
  • Use up to date anti-virus software
  • Report identify theft to your employer and the record-keeper
Related Insights
Chess

Hardship Distributions Surge: Strategies for a Troubling Trend

More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. At the same time, the New York Federal Reserve reported in August that credit card debt among U.S. households exceeded $1 trillion for the
first time ever, with an increase of $45 billion in Q2 alone. In this challenging environment, how can plan sponsors support participants who may be struggling with high debt and help them avoid raiding their retirement savings to stay afloat? Learn more.

Read More
Glass

The Retirement Savings Glass Is Only Half Full for Women

Did you know nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan? Even among those women who are eligible for workplace retirement plans, average account balances lag far behind those of men. What can employers do to help? Learn how addressing the gender gap in retirement savings can lead to many tangible benefits for your organization.

Read More
Final JMO Blog Image young professional

The Power of a Roth IRA for Young Professionals

If you're a young professional, did you know a Roth Individual Retirement Account (IRA) can help you build wealth and achieve your long-term financial goals? Find out more about investing in your future with a Roth IRA!

Read More
Play