Philip Bush and Stefan Smith presented a CLE on November 1, 2018, "Cyber Security: Protecting Your Employees and Benefit Plans."
Retirement and health benefit plans keep very detailed information about plan participants. Hackers and cyber criminals can use this information to access bank accounts, open new credit cards, or take out loans in someone else’s name. Benefit plans are particularly susceptible to cyber-risks because they store large amounts of this sensitive employee information and share it with multiple third parties. While cyber-risks cannot be eliminated, they can be managed. The program will help you identify why you should care about data privacy and cybersecurity, why this impacts plan fiduciaries, how you should manage your fiduciary responsibilities, and some practical tips and lessons learned.
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