Date | October 25, 2023
Location | Webinar
In this session, Mark E. Bokert and two other panelists provide guidance to benefit counsel on trends in data breaches in ERISA retirement plans. The panel will discuss the scope of fiduciary obligations to prevent breaches, industry standards, ERISA preemption of state data breach laws, and contractual risk mitigation with third-party administrators (TPAs). Cybersecurity is an increasingly serious issue for many industries. Recent data breaches across a variety of companies demonstrate that benefit plans, sponsors, and service providers are not immune. Plan sponsors and fiduciaries must act proactively to develop a course of action to address these issues.
Key Discussion Points will include:
- What lessons can be learned from recent breaches of retirement plan employee information and data?
- What should ERISA plan fiduciaries consider in developing benefit plan cybersecurity best practices?
- How can cybersecurity protections be incorporated into retirement plan contracts with service providers and TPAs?
- What specific obligations do plan sponsors and fiduciaries have when responding to an occurrence of a data breach?
- Mark E. Bokert, Partner/Co-Chair, Benefits + Compensation