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The UK regulator of work place pension schemes The Pensions Regulator, has updated principles for the management of cybersecurity risks of pension schemes. Making it clear that the trustees of pension schemes are accountable for the security of scheme information and assets. Irrespective of who handles data or manages technology on the behalf of scheme managers.
The Pensions Regulator reminds scheme managers that they must
1. Adopt clear governance structures, accountabilities and responsibilities for cybersecurity.
2. Assess and understand the cyber risks to their schemes.
3. Seek assurance that those handling data or managing systems have implemented appropriate cyber risk management controls. Including controls for data security, education, incident detection, incident response and technical security.
4. Appropriately train staff in cyber risk awareness, data security, communications security, incident reporting and incident management.
5. Have appropriate incident detection and incident response plans in place that include both employers plans and third party suppliers’.
6. Be responsible for incident communications to scheme members.
7. Report cyber incidents voluntarily to the TPR.
Pension scheme are some of the largest investors in capital markets, holding significant amounts of their members money and personal data. Cyber risk is a significant and escalating issue as attack frequency, complexity and impact is increasing.
Ted Dziekanowski Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cyberregulation
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