New cyber security guidance for pension schemes has been issued by The Pensions Administration Standards Association (PASA). The guidance aims to provide practical support for trustees in formulating a robust and effective review of how they safeguard their scheme from cyber security issues. It covers five key areas: risk assessment, governance, risk management, controls and incident management.
This article was first published in May/June 2019.
“New technology and innovations present opportunity for increased efficiency, but also mean the potential security risks are growing in volume and sophistication. It’s important for trustees to have a clear view of these potential danger areas and actively reassess them over time," said Chris Connolly, chair of PASA’s eAdmin Working Group. "Our guidance has been designed as a practical means to help identify where all risks and responsibilities lie, enabling schemes to put together a robust and effective plan of action to be taken should the worst unfortunately happen.”