This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.
After having made retirement plan cybersecurity protections a top priority for 2016, the ERISA Advisory Council Nov. 10 issued its final recommendations to the Department of Labor.
The council annually provides the DOL with guidance on issues relating to employee benefit plans covered under the Employee Retirement Income Security Act.
The council boiled its recommendations down to:
Attack Example
Computer hackers gained access in July to a United Food and Commercial Workers multiemployer pension plan, affiliated with Missouri-based Schnucks, Dierbergs Markets and Shop ‘n Save supermarkets, a Nov. 9 UFCW, Local 655 press release said.
In addition, the UFCW Food Employers Joint Pension Fund was the victim of a ransomware attack. The ransomware attack occurred when an unidentified hacker took control of one of the union's computer servers and demanded three bitcoins to enable it to work again. The value of three bitcoins is about $2,000, according to the Bitcoin Price Index.
Data potentially compromised during the ransomware attack included current and former employees’ names, dates of birth, Social Security numbers and bank account information.
The UFCW, however, has said it has no reason to believe “sensitive information” was obtained in either cybersecurity breach, but “out of an abundance of caution” it is providing its members with credit monitoring and identity theft restoration services without cost for 12 months. Also, a dedicated phone line is being provided to allow for continuing union members’ concerns.
The plan didn’t pay the ransom and was able to recreate the data from a back-up system.
Design benefit plans and respond quickly and confidently to a range of potential issues with a free trial to the Benefits Practice Resource Center.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to books@bna.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to research@bna.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)