Plan sponsors of retirement plans handle a lot personal participant data, but many are unaware of their fiduciary duties in the context of cybersecurity. If a retirement plan suffers a cyberattack, plan assets could be diverted and misused. Under the Employee Retirement Income Security Act (ERISA), the plan sponsor could be held liable for a fiduciary breach for failure to satisfy a duty of loyalty and to act prudently.
The Centers for Medicare and Medicaid Services (CMS) recently released their Final Rule for the Promoting Interoperability Program formerly known as the Medicare and Medicaid Electronic Health Record Incentive Programs.
CMS had previously published a Proposed Rule and a request for feedback from the public related to improving interoperability and the sharing of electronic medical records between providers, and between providers and patients, which we covered in a May blog post. CMS has stated that the purpose of the Final Rule is to “advance the agency’s priority of creating a patient-centered health care system by achieving greater price transparency, interoperability, and significant burden reduction so that hospitals can operate with better flexibility and patients have what they need to be active healthcare consumers.”
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