In a speech on 20 October at the annual Pensions and Lifetime Savings Association conference, Bell reflected that a move against a third-party administrator (TPA) was the most viable way to get money from schemes.
Usually a ransomware attack involves an individual or group sending an email to a targeted organisation or company.
This email is then opened by a member of that organisation which paralyses key functions of that firm’s internal systems.
Once a ransom has been paid to the criminals they might restore the paralysed system.
Bell explained how an attack on a TPA might work in practice.
“I think the first type of attack could be a ransomware used on an administrator to block services. These criminals are clever and set ransoms at a level which the organisation can pay and also be recovered from the insurers,” he said.
Bell’s favourite example of a