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.
Trustees must have a "clear view" of the increasing number and sophistication of security risks, the Pensions Administration Standards Association (PASA) says as it launches guidance on cyber-security.