“Many defences are to stop unauthorised persons, if the person is in fact authorised, that gets them over the first two or three hurdles.”
The IA has also launched a cybersecurity committee, which will work with firms, regulators and public authorities to develop cybersecurity guidance.
The main areas of concern include the unauthorized exposure of participants' personal information, the theft of money from retirement accounts, and the infiltration of service provider systems.
"We are building a digital bank for the modern customer," says Jeff Henderson, Executive Vice President & CIO at TD.
Pension schemes hold large amounts of personal data and assets but, unfortunately, this makes them a prime target for scammers.
Founding members of the grouping, which include Hewlett Packard Enterprise Co (HPE.N) and U.S.-based online lender Kabbage, and participants say they aim to produce a set of standards within the next six to 12 months, according to FT.