In the previous years, there was a trend ongoing around further digitalization and new ways of working. Forced by the regulations and restrictions in response to the coronavirus, these developments gained momentum. In itself, this is a positive effect. Steps are taken quickly.
Unfortunately, we see that those steps are taken hastily due to the crisis. The risks of the new situation and the new ways of working are not completely reviewed. And coming from that, the risks and opportunities coming from new tools are not completely reviewed.
The new situation strengthens the already existing IT and cyber risks. In this snapshot, we clarify those developments, dangerous situations, and risks.
- Amplified risks contant data leaks, hostage of data and systems, incorrect pension entitlements and payments, and loss of pension assets.
- As a director, you remain responsible for the fund and the chain of outsourcing. It is not always the case that a director’s liability insurance or a cyber insurance covers claims.
- Ensure clear agreements, ways of working and decision-making. Existing policies are the base.
- Remain calm and do not take any hasty decisions.
In case you are interested in a change of thoughts about these topics, please find the contact details of our consultants below.