The client challenge
The client was aware they needed to get to grips with cyber risk for their DB scheme but were unsure where to start.
Our approach
We guided the trustees through a scenario planning workshop with representatives of the scheme’s sponsor and its administrator to help them establish their concerns and areas of focus. Once their specific concerns had been identified we helped them to assess and document their cyber footprint. This included looking at their third-party providers, advisers and investment managers. In the process we identified a number of legacy buy-in providers not previously in scope. The findings were then illustrated in an easy-to-follow chart covering both member data and investment transactions which formed the basis of an exercise to seek further assurances from key third parties.
The outcome
The trustees felt reassured that they had taken sensible steps to assess and understand their cyber risk. This work then became the foundation of building a review programme focusing on key advisers and providers. The trustees now felt confident that they had a robust incident response plan for any unexpected event that might threaten to throw them off course. The exercise also raised awareness of these risks within the sponsor, which it appreciated and led to specialist support being offered to the trustees.
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