Pension scheme trustees have been urged to remain mindful of cybersecurity risks, after research from RPC revealed a 4,000 per cent increase in data breach reports to the Information Commissioners Office (ICO) in the year to June 2023.
The research found that UK financial services firms reported 640 cybersecurity breaches to the ICO in the year to June 30 2023, marking a nearly threefold increase on the 187 cybersecurity breaches in the previous period.
UK pension schemes reported the biggest rise in cybersecurity breaches, according to the research, increasing from six in 2021/22 to 246 in 2022/23.
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