Pension funds like the LiUNA Pension Fund face significant cybersecurity challenges as they manage large sums of money and sensitive member data. LiUNA Pension Fund, which oversees over $10 billion in assets for more than 142,000 members, has partnered with Difenda to implement a robust cybersecurity strategy tailored for financial institutions.
“Difenda was with us from the beginning when we were enhancing our security posture. We chose them because they seemed very knowledgeable, very informed and guided us where we needed support. Their team is easy to communicate with, always on top of things, and everything just seemed to click with Difenda,” said Alex Cirasella, Information Technology Manager, LiUNA Pension Fund.
Through Difenda’s Managed SIEM and Managed Endpoint Detection and Response services, LiUNA has enhanced its overall security operations and visibility, maintaining a proactive security posture. “Difenda took a co-management approach to our Endpoint and SIEM technology and all the logs. We provided them with full control and rely on the way Difenda configured our SIEM and the log retention. But they allowed us to let them know what our needs are and make the changes when necessary. It relieves the pressure from our team which is nice,” Alex mentioned.
This strategic approach has paid dividends – LiUNA has not experienced any attacks or breaches, and its readiness was evident during a recent penetration test that Difenda handled promptly and precisely. “We’ve worked with Difenda for a few years. They offer services that will definitely protect your network infrastructure. Everything Difenda promised from the beginning, they held throughout the entire partnership. They have the right manpower on their team to follow through with your needs,” noted Alex Cirasella, Information Technology Manager, LiUNA Pension Fund.
The cybersecurity challenges facing pension funds are significant. According to the NCPERS, public employee pension funds are prime targets for cyberattacks due to the combination of large amounts of personally identifiable information, substantial funds, and relatively small IT staffs. In fact, recent attacks have exposed the data of over 1 million members at CalPERS and CalSTRS, the two largest public pension funds in the U.S.
To address these threats, the FDIC has taken a multi-pronged approach, including promulgating cybersecurity regulations, providing guidance and technical assistance, and conducting examinations of financial institutions. However, gaps remain, with 56% of central banks and supervisory authorities lacking a national cyber strategy for the financial sector.
A Secure Path Forward
By partnering with Difenda, LiUNA Pension Fund has built a security culture that empowers its employees and secures its expansive network of retirement benefits. This strategic approach serves as a model for how pension funds can fortify their cybersecurity posture and continue to focus on their core mission of serving members.
Sources: The Cyber Threats for Pension Funds”, NCPERS, “2022 Cybersecurity and Financial System Resilience Report”, FDIC
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