Shocking research on pension scheme cybersecurity

Shocking research on pension scheme cybersecurity

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Recent information and news coverage has suggested areas of concern when it comes of pension scheme cybersecurity across UK pension policies. There are concerns that not all scheme providers are focusing on cybersecurity as much as they should be, and this is a cause for worry.

As most employers are now legally required to provide pension schemes to their workforce, it is incredibly worrying to think that the details of many of the UK working population may not be sufficiently protected from potential exposure. If pension providers are failing to prevent and prepare for cyberattacks, they could be in breach of data protection obligations.

Although victims can then be eligible to claim data breach compensation, the stress and worry of a breach – and the cost for a business – is something to actively try to avoid.

No pension scheme cybersecurity on many policies

Some recent research has suggested that cybersecurity when it comes to pension schemes is not as solid as it ought to be. Not all companies may have proper policies and procedures in place to be able to actively prevent a cyberattack from being successful. Not all may be focusing on the security of customer access interfaces either, which can put people and providers at risk.

Any lack of preventative measures, when combined with insufficient planning for potential cyberattacks, can be even more disastrous. We know that not all companies employ a disaster or incident response plan, which is another cause for concern.

It appears that some firms might be relying on the cybersecurity policies of their administrators or other partners, an approach that is unacceptable in the age of the GDPR when risks of attacks have never been more prevalent, and where the law is unequivocally clear.

The consequences of a pension data breach

Pension scheme cybersecurity is an absolute must, given the potential consequences for employees if these vulnerable schemes were to undergo a cyberattack or data breach.

In the recent Now:Pensions data breach, the pensions firm suffered the exposure of the details of some 30,000 customers on the internet. This incident leaked sensitive information including names, email addresses, home addresses, birth dates, and National Insurance numbers.

The victims have consequently been subjected to the prospect of potential data misuse, and we are taking No Win, No Fee legal claims on for victims right now.

Due to their data controlling responsibilities, all companies involved in the administration and provision of pensions have a legal obligation to make sure customer data is protected. Any slacking on the part of companies is a matter that must be addressed as soon as possible.

Claiming compensation for a data breach           

Fortunately, the law protects people in the event that their data should ever be exposed. The consequences of any data breach related to a pension scheme could be extremely severe, whether the blame lies with the pension provider, or whether it constitutes a breach of the data protection act by an employer due to their failure to sign employees up to a safe pension scheme.

If you are an employee who has had their right to data privacy breached at any level of your professional life, you may be eligible to claim compensation for the damage caused to you. We have experience in all kinds of workplace-related data breach claims, including our current action for the Now:Pensions incident.

To receive free, no-obligation advice on your potential claim, contact us today or register your details for a call-back.

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