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Board approves cybersecurity assessment for pension vendors, authorizes FoxPoint proposal
Summary
Foster and Foster recommended a $10,000 vendor cybersecurity survey run by FoxPoint Solutions to assess vendors’ cyber posture; the board voted to solicit FoxPoint’s services and will use the report and attorney input to address any vendor gaps.
Trustees voted to solicit FoxPoint Solutions to perform a cybersecurity vendor assessment of the Edgewater Police pension plan’s service providers, the board heard on June 8.
Doug, the plan actuary with Foster and Foster, urged trustees to adopt a Taft‑Hartley style vendor survey to measure vendors’ cyber protections and to avoid scrambling in the event of a breach. "The cost would be $10,000 to go through this process," Doug said, and he described FoxPoint as a company that can deliver the survey, a report and a presentation to the board.
Trustees asked how shared vendors would be treated and what recourse the board would have if a vendor declined remediation. Doug said the board would take the FoxPoint results to the vendor and, if needed, consult the board attorney about contractual steps. Blanca, the board attorney, said the board would review vendor contracts and termination clauses as necessary.
Why it matters: trustees administer a multi‑million‑dollar fund and said they want to understand vendor cyber risk rather than be reactive after an incident. The board approved a motion to solicit FoxPoint’s services; board members signaled they have budget flexibility to cover the one‑time fee or to reallocate within the upcoming budget process.
The motion to move forward with FoxPoint passed by roll call. The actuary said the firm will provide a sample survey and a report; follow‑up legal and vendor remediation options will be determined based on the findings.
