The current situation of cybercrime in the pensions industry is a growing concern, with attacks almost doubling during the Covid-19 pandemic, according to industry experts.
The Institute and Faculty of Actuaries' Patrick Kelliher and Vanessa Jaeger look at the key cyber risks faced by pension schemes, who is responsible for managing these risks, and how these risks may be managed.
Trustees must be “accountable for the security of data and assets” to protect schemes and members from the risk of cyber attacks, according to The Pensions Regulator (TPR).
The Pensions Research Accountants Group (PRAG) has published updated guidance to help trustees protect their schemes from cybercrime.
The Pensions Management Institute (PMI) has reported itself to the Information Commissioner’s Office following a cyber-attack which resulted in hackers gaining access to the names and email addresses of around 1,700 people.
Schemes and administrators have been urged to strengthen their cybercrime resilience after heightened criminal interest in the sector.
This year will see consolidation, cyber risk and cost transparency dominate the industry's focus as schemes bid to improve value for money and meet data protection requirements.
This week we want to know if the PLSA should create one overall policy board and what is the optimal number of pages for a statutory money purchase illustration.