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Newsmakers

Please Take Our OCIO Survey 

It takes just 10 minutes—and yields abundant insights into this vital function.
By Larry Light

OCIO Survey announcement article art
CIO is launching its 11th annual survey on investment outsourcing. Whether or not you outsource investments, please take 10 minutes to complete this survey. All answers and respondents will be kept confidential. 

Outsourced chief investment officers, or OCIOs, are key resources that numerous institutional investors make use of.For the purpose of this survey, please consider “investment outsourcing” to be defined as an asset owner giving up some level of discretion to a third-party manager, not the hiring of an external manager for a particular type of investing—US fixed-income investing, for example. 

The survey starts today and ends next month. It encompasses both asset providers and asset owners. The survey closes for providers on March 8. Asset owners have a little longer to complete the survey, until March 22.

Here are the links to access the survey:

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If you have any questions, please contact Angela Marinakis at Angela.Marinakis@issmediasolutions.com.

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Home > News > Newsmakers > Quincy Pension Loses $3.5 Million After Cyberattack
Newsmakers

Quincy Pension Loses $3.5 Million After Cyberattack

A growing number of pensions are becoming targets of cybercrime.
By Anna Gordon

Quincy Pension Loses After Cyber Attack
A phishing scheme is costing the public pension for city employees of Quincy, Massachusetts, $3.5 million.

One year ago, in February 2021, an investment manager at the pension received an email from a former employee’s email account with instructions for a wire transfer. The investment manager made the transfer, not realizing that the email account had been hacked by a cybercriminal. The story of the hack was finally released to the public last week in Quincy newspaper The Patriot Ledger.

It took months for the Quincy Retirement Board to find out about the attack, and it didn’t report the issue to the state’s Public Employee Retirement Administration Commission until October 2021. The retirement board has now been placed under investigation by the Commission, and the board may not make any new investments until the investigation is over. This process will likely take months.

Members of the pension fund can rest assured that the attack is not expected to impact their benefits, since it is a relatively small percentage of the fund’s total assets. The pension had a market value of more than $370 million in 2019, the latest available data.

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There have been several notable cyberattacks on pensions this past year, including on the Missouri teacher’s pension, which was also the victim of a hacked email address.

Experts like Alan Brill, senior managing director of cyber risk at Kroll, have said that the best way a pension can protect itself is by pre-emptively instituting protocols and preparing for a hack. He also recommended that pensions implement some sort of 24/7 monitoring system.  

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How Can Pensions Best Protect Against Cybersecurity Threats?

Missouri Teachers’ Pension Hit by Cyberattack

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