On February 9, the Securities and Exchange Commission (“SEC”) voted to propose rule 206(4)-9 under the Advisers Act and 38a-2 under the Investment Company Act (collectively, “Proposed Rule”). In general, the Proposed Rule would require all advisers and funds to adopt and implement cybersecurity policies and procedures containing several elements. While acknowledging spending on cybersecurity
FTC Issues Final Rule Amending the Standards for Safeguarding Customer Information
On October 27, 2021 the FTC issued a final rule (the “Final Rule”) amending 16 CFR Part 134, Standards for Safeguarding Customer Information (“Safeguards Rule”), after a period of notice and comment. While the existing Safeguards Rule imposes a general obligation on financial institutions to maintain an information security program, the Final Rule outlines these
DOL Has Started to Audit Compliance with Its Cybersecurity Guidelines
In April, we posted about the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issuing cybersecurity guidance for employee retirement plans. That is, April 14, 2021. Shortly thereafter, the DOL updated its audit inquiries to include probing questions for plan fiduciaries about their compliance with “hot off the press” agency guidelines.
So, what
Musings of Retirement Plan Fiduciaries on Cybersecurity: Episode One
By now, plan fiduciaries and their service providers likely have heard about the DOL’s cybersecurity guidance. The Department of Labor’s stepping into cybersecurity in this way – a posting of best practices on the agency’s website – has left plan fiduciaries with some questions. Here are a few:
- “When is this effective?”
- “Does this
DOL Issues Cybersecurity Best Practices for ERISA Covered Retirement Plans
Today, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued much anticipated cybersecurity guidance for employee retirement plans. This comes more than four and a half years after the ERISA Advisory Council, a 15-member body appointed by the Secretary of Labor to provide guidance on employee benefit plans, shared with the federal
A Reminder for Employers About W-2 Phishing Scams
For the past several years, thousands of businesses have been hit with phishing scams during tax season. Through these social engineering scams, hackers obtain employee Forms W-2 for filing fraudulent tax returns seeking large refunds. These phishing emails are typically sent as clients begin the process of issuing W-2s to employees. Often employers do not
Personal Data from Thousands of Pension Plan Accounts Breached…Third-Party Service Provider Blamed
One of the last things pension plan participants would want to learn as they get ready to celebrate the Christmas holiday is that personal data from their pension accounts may have been compromised. This is the case, unfortunately, for approximately 30,000 Now:Pensions customers whose names, postal and email addresses, birth dates and the equivalent of
Is Personal Information of Retirement Plan Participants an ERISA Plan Asset?
A little more than one year ago, we reported on a settlement (Cassell et al. v. Vanderbilt University, et al.) involving the alleged wrongful use of personal information belonging to retirement plan participants, claimed to be “plan assets.” This year, similar claims have been made against Shell Oil Company in connection with its 401(k) plan.
Professional Tax Preparers – You Need A Written Information Security Plan, Says the IRS and FTC
Tax season soon will soon be upon us and many not-so-eager taxpayers will share sensitive personal information about themselves, their dependents, their employees, and others with their trusted professional tax preparers for processing. What many of these preparers might not realize is that federal law and a growing number of state laws obligate them to
Response to Yelp Review Costs Small Dental Practice $10,000 and Two Years of Monitoring to Settle HIPAA Complaint
No business likes to receive bad reviews on Yelp® or anywhere else in social media. When they do, some feel the need to respond to clarify or rebut the reviews, but they must do so carefully. This is particularly true for HIPAA covered entities, as their responses could include protected health information (PHI). A recent