Cyber times, cybercrimes

The future is technology. But just as the ongoing digital revolution has brought countless opportunities for businesses, it also opened a Pandora’s box of problems. Pension funds and wealth managers strive to keep up with these ever-changing times, and so do criminals.

Cybercrime is a constant threat. It’s big business, after all, worth an estimated €6.2 trillion at a global level – and pension schemes are a target.

They hold large amounts of personal data and assets – an ideal bounty for the modern-day, tech-savvy crook.

In the UK alone, the number of cyber incidents reported to the Financial Conduct Authority increased by over 1000% last year, while the Pensions Regulator blocks thousands of attempted attacks on a yearly basis.

This is a true sign of the times and a warning that pension funds must take action to protect their members and assets  – but is enough being done to tackle this ongoing cyber crimewave?

According to the Financial Conduct Authority, apparently not. A survey it carried out last year found that there are serious vulnerabilities in areas such as identification of key assets, information, and detection. Many firms are lagging behind in the digital race by not upgrading or retiring old IT systems in time.

Pension schemes need to be dynamic if they are to survive this quintessentially 21st century threat to their assets as cyber crime is complex and always changing. The modern criminal can hide behind a veil of anonymity – but keeping up-to-date with cyber security measures can help keep them locked out and unable to steal anything of value.