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Massive Surge in Security Breaches of Pensions Prompt Questions

Cybersecurity breaches in UK pension schemes rose by 4,000% from 2021/22 to 2022/23, leading to concerns over the efficacy of financial service organizations’ cybersecurity. A significant factor in this surge is the Capita breach in March 2023, which exposed client data and led to subsequent breaches at other organizations. The report suggests measures including robust access control, multi-factor authentication, data encryption and regular security audits, but emphasizes that each organization’s needs are unique and a comprehensive approach should be taken.

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