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.
“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.”