A few weeks back, we were speaking with the trustees of a large state pension fund, managing tens of billions of dollars for retirees and their beneficiaries, and the topic turned to cyber security.
We told them that they have “a substantial asset under management” that they might not even be aware of, and therefore not protecting to the fullest: the private, personally identifiable information (PII) of their plan participants and beneficiaries. While few public pension funds are savvy enough to be purchasing cyber coverage today, this group stepped up to the plate and will soon add insurance to the list of loss control tools that they are implementing to protect the financial assets and PII under their care and control, ensuring that pensions are more fully protected.
|This post was part of our SPOTLIGHT ON CYBER: Is Any Industry Safe?, published June 25, 2013. The feature also included these other risks:|