Like all major organisations, Aviva is constantly under threat from cyber criminals whose sole purpose is to make money out of their illegal activities. You will all have seen in the news that several large organisations have failed in their attempts to deter and repel cyber-attacks and have had significant amounts of their customers’ data stolen.
We met with members of Aviva’s Chief Information Security Office (CISO) who have the ultimate responsibility to ensure that your data and your investments remain safe. They see the threat of cyber-crime as a constantly evolving risk as the criminals come up with new methods of disrupting businesses. CISO works with external experts to better understand the threat and these experts regularly test the resilience of Aviva’s security controls. Independent assessment has rated Aviva in the top quartile when ranked against other insurers.
All Aviva staff are tested regularly to ensure they are alert to threats. They receive regular “phishing” emails from CISO and are required to recognise them as potentially dangerous and report them as such. Staff failing to recognise these emails are given additional coaching to remind them of how to recognise dangerous and fraudulent emails.
As a further precaution, members of staff who process financial transactions involving the payment of money out are not able to make payments without them being authorised by someone more senior and experienced. This process is tested under the AAF audit undertaken annually and has been found to be robust.
Aviva has been around for a long time. They have been operating in the UK for over 300 years and are the largest provider of workplace pensions with over 30,000 employer schemes, 3.5m members, and assets in excess of £70bn. They are regulated by the FCA and also by the Prudential Regulation Authority (PRA) who authorise them to conduct business in the UK.
The PRA requires Aviva to hold certain levels of reserves to enable them to pay out claims in the event of extreme emergency. Aviva currently holds 136% of the assets needs to meet this requirement and so are well placed to meet their regulatory obligations. While this level is lower than last year, it is still substantially in excess of the required cover ratio.
In conclusion, we are happy that your data and your assets are in safe hands and that Aviva is a well-established, strong provider who will safeguard your interests.