The report lists recent cyber attacks and their financial impact, such as the hacking of 380,000 British Airways accounts in September 2018 that led to a $229m (€208m) fine “with a possible £500m (€581m) lawsuit on top”.The document presents case studies on research and engagement carried out on cyber security by some UK pension funds, and suggests questions trustees can put to their asset managers and portfolio companies on the topic.Richard Williams, CIO at RPMI Railpen, the investment manager for the UK’s £31bn (€34bn) railways pension schemes, said: “Trustees need to acknowledge that it is not a matter of ‘if’ but ‘when’ their investee companies will face a serious cyber security breach.“[This] publication provides a toolkit for pension scheme trustees. Companies should be ready for questions from investors, and pension funds need to start raising the topic with their managers.” NEST and RPMI Railpen, two well-known UK pension investors, have moved to fill a gap in the advice available to pension scheme trustees on cyber security risk with a report concentrating on the risk it poses to their portfolios.In a statement announcing publication of the report, the schemes said that while there is guidance for trustees on how to build cyber resilience with regard to the scheme itself and its data, there was to date no equivalent advice for them on how to incorporate cyber security into their investment and stewardship processes.”Generally,” the report states, “little is understood by pension funds about these risks and there is seemingly no obvious common or standardised approach for addressing them.”And yet cyber security risks were financially material and of interest to members and other stakeholders, according to the report, referring to “numerous papers and articles […] citing cyber security as a prominent and growing issue that can have strong, negative implications on investment performance”.
Finland’s technology group Wärtsilä has signed a five-year optimized maintenance agreement with subsea services specialist Sapura Brazil.Sapura Jade; Source: WärtsiläWärtsilä said on Monday that the agreement, signed in June 2019, covered Sapura’s fleet of six pipe-laying support vessels (PLSVs).According to the company, the deal will support the fleet’s operational performance, increase both its efficiency and reliability by accurately predicting maintenance requirements, and lower operating costs.The Wärtsilä solution includes asset diagnostics of the vessels’ main engines and thrusters, which enables a predictive maintenance strategy.As a result, the servicing activities and overhauls will be carried out according to the known condition of the equipment components, rather than on fixed scheduled intervals, which increases the efficiency of the vessels’ operations, the Finnish company said.André Bosman, director of business and operations support at Wärtsilä Marine, said: “Wärtsilä is able to accurately analyze the need for maintenance on the ships’ engines and thrusters, and with our class-approved DMP concept we can achieve the flexibility and cost savings not possible with conventional manual-based maintenance planning.“The necessary work and spare part requirements can be efficiently planned and scheduled in accordance with the Sapura vessels’ utilization demand, and based on the true condition of the propulsion equipment.”The ships covered by the agreement are fitted with Wärtsilä 32 engines and Wärtsilä transverse, steerable, and retractable thrusters.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.