Cyber challenges and the 21st century trustee
Katy Harries discusses cyber challenges and the 21st century trustee for Pension Funds Online.
For all the benefits that technology has given rise to, it poses just as many risks. In the 21st century, personal data is an increasingly valuable commodity, with pension schemes, by their very nature, holding an enormous amount of it. While technology has enabled scheme administration to be automated and to be shared quickly, it has also brought with it many risks that cannot be ignored.
When cyber security measures are not stringent enough, pension schemes lay themselves open to the following possible risks:
- Loss of access to data and administration systems
- Data can be stolen or hacked
- Human error from administrators and others involved in running a scheme.
- Identify when, where and how data is used and who is using it.
- Carry out a risk assessment
- Assess safeguards
- Establish a cyber and data security policy
- Ensure that the trustees’ risk register addresses cyber and data risks.
Read the full blog in Pension Funds Online