On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Today we are siting down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ vital information.

Key Takeaways:

[01:32] Background on DOL’s recently released cybersecurity guidelines

[04:44] Beth introduces Greg Schu with the BDO Digital team

[07:23] Understanding the scope of the DOL guidance

[08:33] Taking stock of controls through SOC 2 Reporting

[13:11] Ensuring that the correct policies and procedures are in place

[18:09] Conducting prudent risk assessments

[22:42] Making sure you read and understand reporting from your Service Provider

Listen to our next episode for part 2 of this two-part series on cybersecurity, where we will continue our discussion with Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital.

Resources:

BDO.com

Beth on LinkedIn

Greg Schu on LinkedIn

Related Insight:

DOL Issues Cybersecurity Guidance For Retirement Plans