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Why retirement-plan administration creates privacy and security exposure
ERISA-covered plans store or transfer participants’ personally identifiable information. Their administration also involves account records and online access, often handled in part by service providers. The DOL identifies that combination as a reason plans may be targets; it is a description of risk, not evidence that a particular plan has experienced a breach. The DOL’s guidance covers ERISA-covered pension and health and welfare plans.
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Exposure can arise across the organizations involved: a weakness in a plan’s own processes, a provider’s systems, or connected third-party or cloud services may put information or accounts at risk. Possible consequences include unauthorized access, phishing, identity theft, privacy breaches, and loss of account assets. No single product or participant action can substitute for sound security across the plan and its vendors.
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What sponsors and fiduciaries should check before hiring or renewing a provider
DOL guidance treats provider selection and monitoring as an ongoing fiduciary responsibility. Sponsors should seek evidence of how a provider protects plan data and accounts, rather than relying on assurances alone.
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- Ask about security standards, written policies, and audit results. Find out how the provider validates that its practices work.
- Review the provider’s track record, including prior security incidents and how they were handled.
- Understand the scope and limits of relevant cyber, privacy-breach, liability, or crime insurance. Coverage is not a guarantee that losses will be prevented or fully reimbursed.
- Examine contract terms for applicable privacy and security requirements, how quickly the provider must report an incident, and its cooperation with investigation and remediation.
- Continue monitoring the provider, including changes to its practices and the security of systems it relies on.
Useful comparison points include independent audit evidence, access controls and multifactor authentication (MFA), encryption, oversight of cloud and other third-party services, incident history and response, contractual notification and cooperation duties, and the limits of insurance coverage.
What a provider’s security program should include
The DOL describes a program of organizational and technical safeguards, not a magic product. Its best-practices guidance recommends measures such as:
- Documented security policies, clear governance, and qualified people responsible for security.
- Regular risk assessment—at least annually in the guidance—and independent third-party audits.
- Role-based access controls that limit access to the information and systems people need for their work.
- Review of cloud services and other third-party systems that store or handle plan information.
- Security-awareness training, including preparation for phishing and other threats.
- Secure software development, technical controls, and timely patching of systems.
- Encryption of sensitive information at rest and in transit.
- Business continuity and incident-response plans, with a process to address findings and remediate prior incidents.
- MFA wherever possible, with phishing-resistant MFA if possible.
- Data-privacy protections appropriate to the information being handled.
These recommendations describe the provider’s and plan’s responsibilities. A participant buying a security device cannot correct weak organizational controls.
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What participants can do to protect an online plan account
The DOL advises participants to use strong, unique passwords and warns that phishing messages can try to obtain passwords, account numbers, or other sensitive information. Practical steps include:
- Use a strong password that you do not reuse on other accounts. If the plan provider offers MFA, enable it.
- Be cautious with messages asking you to sign in, confirm credentials, or disclose account details. Avoid using a message’s link to reach your account when something seems suspicious.
- Contact the provider using a trusted channel, such as contact information from a statement or the provider’s official site, if an account alert or communication looks wrong.
- If considering a hardware security key, first confirm with the provider that its sign-in system supports that method. DOL recommends MFA, including phishing-resistant MFA if possible, but does not establish compatibility with particular recordkeepers or devices.
What to do if you suspect a breach or unauthorized account activity
Do not assume a suspicious message proves that a breach occurred, but do not ignore unexpected account activity. Contact the plan provider through a trusted channel and follow its instructions for securing the account. Plan fiduciaries and providers should investigate, involve law enforcement and the appropriate insurer when warranted, and work to contain the incident and fix its cause.
DOL guidance says an appropriate response can include notifying participants when personal information has been acquired without authorization and doing so without unreasonable delay; providing affected plans and participants information that can help prevent or reduce injury; and meeting applicable legal and contractual notification duties. The exact obligations depend on the facts and governing law, so this guidance should not be read as a universal statutory deadline.
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How broad the DOL guidance is—and what its scale figures mean
On September 6, 2024, the DOL clarified that its cybersecurity guidance applies to all ERISA-covered employee benefit plans, including employee pension benefit plans and health and welfare plans. Assistant Secretary for Employee Benefits Security Lisa M. Gomez said, “All ERISA covered-plans need to implement appropriate best practices to help protect participants and their beneficiaries from cybercrime and emerging threats.”
In announcing the guidance in 2021, the DOL cited EBSA estimates based on 2018 data: 34 million defined-benefit plan participants and 106 million defined-contribution plan participants in private pension plans, covering an estimated $9.3 trillion in assets. Those are historical figures used to describe the scale of private pension plans at that time, not current participant or asset totals.
Sources: DOL, Cybersecurity Program Best Practices; DOL, Online Security Tips; DOL, Tips for Hiring a Service Provider With Strong Security Practices; DOL, September 6, 2024 clarification; DOL, April 14, 2021 announcement.
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