Pensions - Articles - Statement on cybercrime and pensions administration

PASA is aware of current heightened interest from cybercriminals in the pensions sector.

 This has the potential to have a very serious impact unless administrators are properly protected because of people’s reliance on them to settle and pay their benefits from pension schemes. We are currently finalising detailed PASA Guidance on how to maintain resilience in the face of Cybercrime and have created Standards which will be incorporated into our Accreditation process. These will be published in September, in the meantime I strongly advise all administrators to make sure they understand their vulnerability to cybercrime through:

 Strengthening their cybercrime resilience and ensure all third-party suppliers are doing the same

 Ensuring they have independent assurance of this resilience

 Making sure that, if a cybercrime attack does take place they can still undertake all key functions, such as settling and paying benefits

 Sadly, as was referenced by David Fairs of the Pension Regulator, it is not a question of if there will be an attack – it is a question of when. The Regulator’s Guidance on Cyber Security for Pension Schemes can be found here.

Back to Index

Similar News to this Story

DB pension deficit remains unchanged at end of July
The UK defined benefit (DB) pension deficit remained at £270bn at the end of July, the same as at the end of June, according to figures released from
ONS figures show a fifth of workers are unaware of AE
Aegon comment on the publication of the ONS Wealth and Assets Survey, which provides uses attitudinal data to show individuals' attitudes towards
Savings now equally as important as pensions
In a survey conducted amongst 3,000 adults in the UK, 77.5% said that the recent pandemic has made them realise the importance of having savings to fa

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.