Pandemic reveals lack of cyber security in businesses & more…Keep up with what has been happening this week in our latest actuary news round-up…
The Financial Conduct Authority (FCA) have reported that over £30 million has been lost to pension scams since 2017. Gary Crockford, Head of Knowledge Resource Centre at Buck UK has said that there is a lack of engagement amongst people when it comes to their pensions; which has been highlighted by the “…FCA’s findings showing that 76% of savers approaching retirement know the cost of items related to their football team, but only 43% understand the value of their pension pot”
A recent survey from KPMG has uncovered that 59% of the world’s largest companies believe that the coronavirus pandemic has created the need to look into new digital technological plans for their business. After surveying 900 technology executives at Global 2000 companies, they found that around 4 in 10 said they will stop investment in emerging technologies such as 5G because of the pandemic.
New research has found that nearly 50% of businesses do not have good enough cyber security measures; in order to keep the business model of working remotely 100% of the time. The researchers found that 44% of the public won’t trust; or use a brand if they know that their data can be breached; this can cost UK companies an average of £2.4m if they have had a successful data breach.
Legal & General have secured the benefits of over 2,000 UK retirees in their £530m buy-in for the Siemens Benefit Scheme. The transaction is schemes’ first Pension Risk Transfer with Legal and General; which builds from a previous transaction completed in 2018.
Slope, a cloud-based actuarial software-as-a-service provider has announced that they will be partnering up with the Actuarial Science Program at Florida State University. This will allow students to use the Slope platform to complete financial analysis investigation in their coursework.
Insurer, Allianz’s net profit in the second quarter of 2019 have declined by 29%. As they warn abut the 2020 outlooks of as more clients claim for business interruption and cancelled events; as well as less of a demand for car and travel insurance.
After pension consultants Lane Clark & Peacock have published their report on whether older women were being underpaid state pension; over 160,000 people have checked and been refunded by DWP in the past two months. LCP are now encouraging more people to get their state pension checked.