Cybercrime curse oozes into retirement funding
22 May 2023
One in three domestic retirement funds do not have cyber liability insurance in place, and many of those that have some form of protection in place are covered to a maximum of ZAR5 million. This alarming fact was shared in PwC South Africa’s seventh annual Retirement Fund Survey of 60 funds, 15 of which have assets in excess of ZAR10 billion. In the latest survey, the financial services firm spoke to 27 stand-alone funds and 33 representatives of umbrella, preservation or retirement annuity funds. Their focus: fund officials’ activities, remuneration and work arrangements; investment management; and cyber security.