Pension funds warned of cyber risks following Blue Sky Group data breach

Pension schemes are being urged to ensure their internal processes and controls are in order due to cyber risks.

Aon Netherlands has warned schemes of the risks of cyber-attacks following the “striking” attack on Dutch pensions administrator, Blue Sky Group.

Aon said that the attack makes it “increasingly clear that cyber risks occur everywhere and that pension funds and their administration administrations must also ensure that internal processes and controls are in order”.

Last month, Blue Sky Group revealed it had been hit by a data breach, which was reported to the Dutch Data Protection Authority. The administration provider said the breach occurred after malicious persons were able to gain access to a mailbox via a so-called phishing email. It said personal data of pensioners and surviving dependents were almost “certainly leaked”.

It follows from the preliminary analysis that there is little chance that personal data of participants who have not yet retired have been leaked. After the discovery, Blue Sky Group closed the leak and took measures to prevent a recurrence.

In another incident last month, Germany’s Raisin Pension also fell victim to hackers. In an email to customers, Raisin Pension reassured them that deposited assets were not at risk at any time. Customers were told to be cautious, change their passwords and monitor their account transactions more closely in the near future.

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