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PLSA publishes cyber risk and ORA guidance
Vereinigtes Königreich | Publikation | Juli 2022
The Pensions and Lifetime Savings Association (PLSA) has a guide to Cyber Risk for pension schemes in its series of “made simple” guides. The guide explains how cybercrime continues to be a growing global threat and there is no reason that pension schemes should be immune to the risks that companies and governments around the world have already recognised. Pension schemes face risk from both cyber attacks and from a range of other factors too, including:
- Pensions professionals’ and trustees’ unfamiliarity with risks of a cyber nature.
- The unique structures within which pension schemes operate.
- The scale of the impact of the risk on the sponsor and members.
- The limited resources made available by some schemes to deal with cybercrime.
The guidance is divided into 4 sections:
- Assess - understanding scheme vulnerability.
- Protect – reducing scheme vulnerability.
- Respond – how to deal with an incident.
- Governance – documentation and monitoring.
There is also an actions checklist included in the Appendix at p.28 which trustees should find useful.
The PLSA has also published guidance on the Regulator’s draft single code of practice and the requirement for schemes to prepare an own risk assessment (ORA). Our July 2022 briefing looked in detail at the requirement for schemes to put in place an effective system of governance (ESOG). A future briefing will take an in-depth look at the ORA requirement.
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