DOL’s Investigation of Alleged Cybersecurity Breaches

Retirement Plan Cyber-CrimeDOL’s Investigation sends a clear message to Plan Sponsors.  Strong direction on the topic of Cybersecurity came from the 7th US Circuit Court of Appeals recently.  The court ruled as the result of a Department of Labor (DOL) subpoena on (Walsh v. Alight Solutions, No. 21-3290 (7th Cir. Aug. 12, 2022)).  The subpoena surfaced from a DOL investigation of alleged cybersecurity breaches, which the agency says led to unauthorized benefit distributions.

Direction came in the form of  DOL’s investigation of alleged cybersecurity breaches.  At the heart of the case was the DOL’s claim concerning what the DOL felt contributed to unauthorized benefit distributions.

For more information, visit Fred Barstein’s Top 5 Stories at this week’s WealthManagement.com RealTalk.

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