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SCHEMING TO GET SCHEME ASSETS - CYBERSECURITY
As retirement security becomes increasingly digital, there are more opportunities for theft of data and assets of retirement schemes. The panel will be comparing the regulatory framework around the requirements for protecting retirement schemes as well as discussing the intersecting trends in criminal activity and liability.
Cybersecurity issues for retirement schemes continue to multiply with attacks becoming more common and legislators, regulators, and courts becoming increasingly active. The panel will focus on:
- What is cybercrime and how does it impact pension schemes.
- Guidance from regulators, including the UK’s Pensions Regulator’s April 2018 regulatory guidance, “Cyber security principles for pension schemes” and the US Department of Labor’s April 2021 tip sheets and best practices.
- Recent developments in Canada and Australia.
- Litigation developments, including recent cases in each jurisdiction where scheme assets have been stolen.
The panel will discuss how a number of these issues are or are not dealt with in the legal and tax laws in their respective jurisdictions, including some of these recent developments. In particular:
- Whether there are clear rules in each jurisdiction
- Constraints imposed due to participant need to access information and assets
- Who bears the risk of loss when cybercrimes occur
- Similarities in processes for protecting against cybercrime
- Differences in processes across jurisdictions
- To what extent are regulators or legislators currently active in developing clearer rules
- The role of insurance
MODERATOR: Kevin Walsh, Groom Law Group, Chartered, USA
PANELISTS: Andrea Boctor, Osler, Hoskin & Harcourt LLP, Canada, George Sepsakos, Groom Law Group, Chartered, USA