Read: 2023 Defined Benefit Investment Forum: How policy-makers, plan sponsors can manage, mitigate cybersecurity risks
While awareness is increasing, no defence mechanism is infallible and a cultural change in the workplace is necessary for an effective cybersecurity strategy.
Criminal activities targeting organizations that hold an incredible amount of sensitive information, such as pension plan sponsors, are evolving at an unprecedented pace, leaving those in charge of cybersecurity to plan for both prevention and for the eventual day they’re hit with a cyberattack. The exploitation of weak security procedures and user errors have shined a spotlight on the vulnerabilities facing even the most technology-savvy organizations and the reality is their prevention tactics may still not end up being enough to thwart these evolving digital threats.
“If you look at the motivation of most attackers today, it’s financial — they’re looking to compromise an asset or take information that has value,” says Ryan Wilson, cybersecurity partner at EY Canada. “If you look at pension plans, obviously, they hold vast amounts of data on their plan members including sensitive information…
