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4 Ways to Manage Retirement Plan Data in New Era of Cybersecurity

IBM estimated last year that data breaches cost companies $148 per stolen record. Given that, not surprisingly, many employers have grown increasingly concerned about the potential impact of such breaches, including breaches that may affect employer-sponsored benefit plans.

Courts have not yet formally addressed whether ERISA requires benefit plan fiduciaries to manage cybersecurity risks. However, a federal district court recently rejected a motion to dismiss filed by defendants seeking to avoid liability for fraudulent distributions from a plan caused by cyber criminals. There, the court held that the defendants were plan fiduciaries and that the plaintiffs had pled facts sufficient to allege that the defendants breached their fiduciary duties. Although this decision only relates to a motion to dismiss, the case underscores the potential for plaintiffs to assert, even in the absence of clear guidance, that plan fiduciaries are not doing enough to protect plan participants from cybersecurity risks.

As a result, with cybersecurity concerns on the rise, plan fiduciaries are continuing to enhance their focus on the best ways to protect employee data. Recently, on Law360, McDermott’s Mark E. Schreiber discussed four helpful tips for handling cybersecurity risks.

Access the article.




Webcast: Fiduciary Issues and Data Privacy

Webcast Details:
March 23, 2016
1:00 – 2:00 pm EDT / 12:00 – 1:00 pm CDT

REGISTER HERE

McDermott Will & Emery invites you to a webcast to hear how employers and third-party administrators protect the privacy of employee participants’ personal information. On March 23, 2016, Ann Killilea and Andrew Liazos will discuss complex issues faced by employers and the impact on employee benefit plan sponsors, and address the following topics related to managing data breaches:

  • Beyond HIPAA: Privacy and data security issues relevant to ERISA fiduciaries
  • Security threats to benefit plans
  • Fiduciary duties to protect regulated personal information

Ann Killilea is counsel in the law firm of McDermott Will & Emery LLP and brings to the Firm and to its Global Privacy and Data Protection Affinity Group more than 25 years of experience as senior in-house corporate counsel advising Hewlett-Packard Company (HP), and its predecessor companies Compaq Computer Corporation and Digital Equipment Corporation, all multinational companies in the information technology industry.

Andrew C. Liazos is a partner in the law firm of McDermott Will & Emery LLP and regularly represents Fortune 500 companies, public companies, large closely held businesses and compensation committees on all aspects of executive compensation; ERISA fiduciary and compensation plan governance; employee benefits in business transactions; initial public offerings and bankruptcy; international compensation planning and related litigation matters. He also counsels executives in employment agreement and joint-venture negotiations.

CLE credit for the live presentation of this program is pending in the states of California, Illinois, New York and Texas. A Uniform Certificate of Attendance will be made available to participants requesting CLE credit in all other states. Please be advised that CLE credit will not be approved for on-demand/recorded viewings of this program in the states listed above. Attendees seeking credit in other states should consult their state CLE accrediting agency to determine whether self-study credit can be earned for on demand/recorded viewing of this program.




Privacy and Data Protection: 2012 Year in Review

For more information, please contact Heather Egan Sussman, Daniel F. Gottlieb or Rohan Massey.

Privacy and data protection continue to be an exploding area of focus for regulators in the United States and beyond.  This Special Report gives in-house counsel and others responsible for privacy and data protection an overview of some of the major developments in this area in 2012 around the globe, as well as a prediction of what is to come in 2013.

To read the full article, click here.




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