Keep Your Pension System Secure: Update Software Regularly
As trustees, administrators, and stakeholders of public employee retirement systems across Texas, your role in safeguarding sensitive data is more important than ever. October is Cybersecurity Awareness Month, an international initiative that educates everyone about online safety and empowers individuals and organizations, including pension funds, to protect their data from cybercrime.
Earlier this year, JP Morgan Chase experienced a data breach that exposed the sensitive financial and personal data of over 451,000 retirement plan members. The breach stemmed from an access control failure rather than a malicious attack, but it serves as a stark reminder of the importance of proper software management and access security.
The California Public Employees' Retirement System was affected by a data breach involving a third-party vendor, PBI Research Services, which suffered a breach of the company's MOVEit Transfer application. The incident exposed the data of 769,000 retirees and beneficiaries, emphasizing the vulnerability of even the largest retirement system to cyberattacks.
In light of ongoing large-scale data breaches and cyberattacks, Cybersecurity Awareness Month serves as a crucial reminder: there are simple, effective steps we can take to stay safe online, protect personal data, and ultimately help secure our world. TEXPERS is proud to participate as a Champion this year by partnering with the National Cybersecurity Alliance (NCA) to support this essential safety and education initiative.
See a list of Champion organizations
The theme for Cybersecurity Awareness Month is Secure Our World! It emphasizes that everyone can take easy steps daily to protect their digital environments. As part of our efforts to spread awareness among TEXPERS members, we are sharing valuable information on a fundamental yet powerful cybersecurity practice—updating software regularly.
Why Regular Software Updates Matter
Public employee pension systems store vast amounts of sensitive data, making them prime targets for cybercriminals. Regularly updating your software and applications is one of the easiest and most effective ways to defend against cyber threats, according to the experts at NCA.
Software developers frequently release updates to patch security vulnerabilities, enhance features, and improve performance. These patches close potential loopholes that hackers can exploit to gain unauthorized access to your systems. Neglecting updates can leave your network open to attacks, jeopardizing sensitive information about your pension members and the stability of your entire system.
To learn more about the importance of updating software, visit the National Cybersecurity Alliance's resources page: Software Updates: A Powerful Tool Against Cyber Threats.
Best Practices for Software Updates According to the NCA
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Enable Automatic Updates: The simplest way to ensure your software is always current is to enable automatic updates. Doing so will keep your programs up-to-date without you needing to lift a finger.
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Create an Update Schedule: Establish a regular update schedule for systems that cannot be updated automatically. This helps minimize disruptions while ensuring your pension systems stay protected.
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Use Trusted Sources: Only download software updates from trusted vendors and verified sources. Malicious actors often use fake updates to spread malware.
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Prioritize Security Patches: Security patches should be a top priority. They address known vulnerabilities that can lead to data breaches if not fixed promptly.
TEXPERS To Host Webinar on Cybersecurity
On Oct. 29 at 10 a.m. CT, TEXPERS will host a special webinar, A Whole Lotta BS (Behavioral Science) About Cybersecurity, for our system members led by Lisa Plaggemier, the NCA’s Executive Director. The webinar will offer insights from the NCA’s recent Cybersecurity Attitudes and Behaviors Report and practical tips on how to safeguard pension systems against cyber threats. Attendees will also earn one Continuing Education hour to meet state-mandated training requirements.
To register for the webinar, visit: Webinar Registration
Together, Let's Secure Our World
Cybersecurity is a shared responsibility, and by staying proactive with measures like regular software updates, pension system administrators can help protect their organizations, pension funds, and annuitants from cyber threats. This Cybersecurity Awareness Month, let’s take the necessary steps to Secure Our World and ensure our public employee pension systems remain safe and secure.
About the Author:Allen Jones is the director of communications and event marketing for TEXPERS. He joined the Association in 2017. Before TEXPERS, he worked in the news media industry, producing content for newspapers, magazines, and online publications and leading newsrooms as an editor and publications manager. [email protected]