Pension and retirement systems have become a prime target for cyber criminals. These systems store large amounts of personally identifiable information (PII) that contains Social Security numbers and other details specific to an individual’s identity. Weak legacy systems make it easier to infiltrate pension systems. Furthermore, pension agencies share data with other organizations, thus lowering their own protective barriers.
The reality is that everyone has a chance of being attacked at some point. The questions are when; will hackers be able to access sensitive data; and if so, are you prepared to remedy it quickly? Pension systems must shed false thinking about their level of security risk. Instead, they should do their due diligence to protect themselves and their member data as heartily as they can.