The OPDU Trustee Liability policy provides cover for certain elements of Cyber related risk, as follows;

  • Indirect losses arising from cyber events may be covered under OPDUs PTL policy where an allegation of Wrongful Act has been made in accordance with the policy
  • In the event that a third-party provider, such as an administrator, fails to supply the service promised under the contract due to a cyber-event, the OPDU policy may respond if you have the Third-Party Pursuit extension. In this case the policy will pay the costs of pursuing the third party for redress subject to the policy terms and conditions
  • Investigations may also be covered which stem from a cyber-event becoming known. In this case there is no requirement of an allegation of Wrongful Act.
  • We would encourage trustees to review their contracts with their party providers to ensure that adequate provision is made for losses arising from cyber events.
  • Civil fines and penalties issued by the Information Commissioner

It’s important to remember that it is not the intention of the Trustee Liability policy to provide Cyber cover. Our recommendation would be for an assessment to be carried out as to whether there is a Sponsor Cyber policy in place, as usually the Sponsoring Employer would have a companywide cyber policy that includes the pension scheme. Any agreements with third parties such as Administrators or Investment Managers should also be checked, as usually there would be some caveats contained within these agreements over data protection / insurances etc.

OPDU can on a case-by-case basis secure stand-alone Cyber cover for Pension Schemes upon request.

To discuss please get in touch.

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Following implementation of the Data Protection Act 2018, Trustees have been faced with extra duties and potentially significantly higher fines for breaches.

Our Policy covers trustees and pensions employees for civil fines and penalties including data protection provided that an allegation of Wrongful Act has been made and the penalty is not criminal. Investigations will also be covered which stem from a data breach becoming known. In this case there is no requirement of an allegation of Wrongful Act. 

If Scheme Assets are to be used to cover the cost of the OPDU Policy, it is important this is specified where asked on our application forms, as we will then invoice a small portion of the policy premium to the Principal Employer to cover the cost of Civil Fines and Penalties cover. 

For further information please get in touch.

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