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With “European Cybersecurity Month” drawing to a
close, and the Pensions Regulator sharpening its focus on cyber
risk as part of its new single code of practice, now is the perfect
time for pension scheme trustees to consider this area of
significant and growing risk to your scheme.
Following the introduction of the General Data Protection
Regulation (GDPR), many pension schemes are complying with their
legal obligations, but the threat of cyber attacks continues to
grow. Indeed, 2020 was the busiest year on record for cyber attacks
against UK business, with hackers taking advantage of factors like
the pandemic and remote working.
GDPR projects were all about compliance, but the challenge now
is about risk management. Cyber security is not a “techy”
risk that can simply be eliminated with firewalls and anti-virus
software. It is a risk that requires robust governance procedures
– assessing, analysing and mitigating the threat to your
scheme’s IT systems and those of your third party service
providers.
The pandemic, the evolution of…
