The transaction, which is subject to regulatory approval, is expected to be completed by August 2018.
BT Financial Group, the bank’s wealth management arm, reportedly discovered the loss while digitising its records
“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.