Pension scheme trustees must work harder when it comes to challenging their providers on their data security procedures, process and protection, according to pensions administration specialist Trafalgar House.”
Managing director Garry Wake points that many trustees might not realise that it is they who are ultimately responsible for protecting member data and not their administrators. This makes schemes extremely vulnerable to cyber fraud, he adds.
It is absolutely vital that the whole issue of information security and, in particular, cyber security moves much higher up the trustee board agenda, he says. It must also be assessed not just at a point in time during the tender process but on a consistent and ongoing basis.
It is crucial that information security claims more of a place for the long term, he concludes.