IPERS Cyber Attack Video Blog
This blog is a transcript of the January 10, 2018 video blog on the Iowa Public Employee Retirement Systems cyber attack.
Hi, I'm Hank Kim, executive director of NCPERS. In today's video blog, I'd like to discuss a recent data breach incident that a public pension suffered. The incident occurred at the end of October and IPERS disclosed that 103 retiree accounts were compromised in a cyber-attack. IPERS took appropriate measures including reissuing benefit checks, temporarily suspended online account access, and working with the FBI and Iowa authorities to prosecute the criminals. You can read more about the incident in our December issue of The Monitor. We have been warning for years now that it was a matter of “when” not “if” public pensions would be attacked by cyber criminals. This breach of IPERS is the first as far as we know. But, the take away from this is that as a matter of fiduciary duty public pensions must be vigilant in their cyber security to protect their members. Plans may also want to consider cyber liability insurance for itself and identity theft protection for its participants. Additional information on both are available by clicking the link at the end of this video.