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ARTICLE · 11 DECEMBER 2020

The Pensions Brief: November 2020

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The paper (click here) describes these risks in detail (e.g. ransomware attacks; data breaches; theft of assets and disruption to service) including the types of loss schemes...

United KingdomEmployment and HR
Ian Wright
Ian Wright
Jay Doraisamy
Jay Doraisamy
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Issues affecting all schemes

The Institute and Faculty of Actuaries (IFA) has published a paper on pension scheme cybercrime risk

The paper ( click here) describes these risks in detail (e.g. ransomware attacks; data breaches; theft of assets and disruption to service) including the types of loss schemes and their sponsors may be exposed to. It also addresses how to manage these risks and who is responsible for managing these risks.

In order to manage cybercrime risks, the paper states that trustees should consider their own personal cyber hygiene, third party assessment, cyber insurance and incident management.

With cybercriminals becoming more and more sophisticated, it's important that trustees and employers understand the types of cyber risks their scheme could be vulnerable to as well as how to manage these risks.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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