In addition, the Pensions Research Accountants Group (PRAG) also published its guide 'An Overview of the Effects of Cybercrime on Pension Schemes'. This aims to provide guidance to pension scheme Trustees and pension sector organisations that support them and their advisors, about the holistic protection that is needed to minimise the damage caused by cybercrime. The PRAG guide builds on TPR;s recommendations.
Jim Gee, Partner and Head of Forensic, Cyber and Counter Fraud Services at Crowe UK, Visiting Professor and Chair of the Centre for Counter Fraud Studies at University of Portsmouth and a member of the PRAG Data Protection and Cyber Security Working Group, says:
"Cybercrime is a fact of life, together with fraud representing almost half of all crime in the UK. It is a continuously evolving phenomena, akin to a clinical virus, and is undertaken by sophisticated criminal enterprises. Pension schemes have rich seams of data which beneficiaries expect will be properly protected. PRAG's guide describes how Trustees can assess their vulnerability and put in place proportionate protection. At Crowe we have developed a Pension Funds Cyber Vulnerability Survey to help Trustees and those supporting Trustees assess how to approach this risk."
In order to help you identify what actions you need to take to reduce the risk of cybercrime to your pension scheme, Crowe has developed the Pension Funds Cyber Vulnerability Survey which can be accessed here.
The Office for National Statistics (ONS) reveals that 4.7 million cyber and fraud offences took place in the 12 months up to September 2017, equating to 44% of all crime. The government’s Cyber Security Breaches Survey for 2017 showed 46% of organisations in the UK had cyber breaches in the previous 12 months, increasing to 68% in large organisations.