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University of Miami Law School

2019

Privacy Law

Fiduciary responsibility

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Breaches Within Breaches: The Crossroads Of Erisa Fiduciary Responsibilities And Data Security, Gregg Moran Feb 2019

Breaches Within Breaches: The Crossroads Of Erisa Fiduciary Responsibilities And Data Security, Gregg Moran

University of Miami Law Review

Although the drafters of the Employee Retirement Income Security Act of 1974 (“ERISA”) likely could not have anticipated the data security issues of the twenty-first century, ERISA’s duty of prudence almost certainly requires employee benefit plan fiduciaries to protect sensitive participant data in at least some manner. This Article suggests the Department of Labor should issue a regulation clarifying fiduciaries’ data security obligations. Given that fiduciaries are in the best positions to recognize their plans’ individual security needs and capabilities, the regulation should not attempt to micromanage fiduciaries’ substantive data security policies; rather, it should focus on the procedures ...