Employee plan data breaches may lead to claims under multiple laws in addition to ERISA and even to punitive damage claims. Following a good cybersecurity policy is your best defense.
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A written cybersecurity policy sets out the framework for fulfilling ERISA fiduciary responsibilities.
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Plan fiduciaries need to secure in-house data and investigate their outside vendors’ procedures.
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No federal law guarantees restoration of a participant’s account if it is stolen by a cyberthief. ERISA and state law might provide remedies if a participant can establish breach of fiduciary duty or negligence, but plan sponsors and the government can do more to deal with this problem.
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Carol tells Bloomberg Law why we need more guidance on liability when participant benefits are stolen by internet thieves.
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Who is responsible when a thief steals a participant’s 401(k) account?
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Here is another risk for plan sponsors who ignore their cybersecurity responsibilities.
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Carol Buckmann quoted in PLANSPONSOR article on cybersecurity.
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Carol Buckmann quoted in Law360 article about new ERISA lawsuits that could clarify plans' cybersecurity duties,
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We need more guidance on fiduciary responsibility to safeguard plan assets from hackers. This case could provide it.
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