Managing information security Defining the issue: Two of the most pressing matters for the business are information security and the risk of our system being impacted in any way, either through system failure or cyber-related incidents. Rapid digitalisation, the global nature of the platforms and services consumed, and the move to hybrid working have all made systems more susceptible to risk than before the pandemic. In addition, cybersecurity authorities in the US, Australia and the UK saw an increase in 2022 in the number of cyberattacks and the severity of high-impact incidents targeted at large companies and critical infrastructure organisations worldwide (Source: US Cybersecurity and Infrastructure Security Agency). PPS continues with deliberate strategies surrounding cyber security to continuously improve the organisation’s cyber maturity rating. Threats in the information security landscape remain a focal area that requires continuous monitoring and improvement based on industry best practices. PPS’s response: We constantly review our information management strategy, manage development centrally and invest substantially in best-of-breed technological solutions. We do this to secure and consistently grow our business and improve our total member experience. Cyber security is about process, technology and people. We strongly focus on educating employees on cyber hygiene and good practice, creating a cyber security culture. As part of our comprehensive cyber risk management process, we cooperate with worldwide providers and subscribe to services providing early alerts and insights into the cyber security landscape. Sustaining stakeholder value Defining the issue: PPS’s purpose is to create sustainable financial and lifestyle value for members and their families throughout their working lives as well as during retirement. We sustain stakeholder value by operating according to our principles of mutuality, our values as a company, all applicable legal and regulatory guidelines and the guidelines for good governance set out in King IV™. This means we operate the business to benefit all our members without favouring any specific group over another. PPS’s response: To maintain stakeholder value, we consistently improve on and expand our range of products and services designed to meet members’ changing needs throughout their lives. Highly qualified and experienced PPS-accredited advisers not only assist in developing unique financial solutions for each member, but also help minimise the time professionals need to spend on financial planning. We also strive to add value through system, product and service innovations and our specialist advisory units. We believe the PPS Profit-Share Account is a key tool assisting members in retirement. MATERIAL MATTERS AND RISK MANAGEMENT 46 Material matters and risk management
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