Cyber breach hits big industry funds
Some of Australia’s largest industry superannuation funds have confirmed they have been the subject of a coordinated cyber attack.
Among the funds are AustralianSuper and Rest with AustralianSuper having confirmed to media outlets that it has suffered a breach that saw the passwords of 600 accounts compromised.
Other funds understood to have been affected include Australian Retirement Trust, Hostplus and Insignia.
Industry body, the Association of Superannuation Funds of Australia has issued a statement stating it is aware that last weekend hackers attempted to get through the cyber-defences of a number of superannuation funds.
“While the majority of the attempts were repelled, unfortunately a number of members were affected. Funds are contacting all affected members to let them know and are helping any whose data has been compromised,” it said. “Retirement savers should be assured superannuation funds and their service providers already have rigorous cyber protections in place. “
“In a rapidly evolving threat landscape there will always be new and emerging risks, but Australia’s super sector is proactively working together to improve system-wide defences, including through the ASFA Financial Crime Protection Initiative (FCPI).
Actions include:
- Establishing a hotline between the superannuation sector, relevant government agencies and related financial services bodies when issues arise.
- Commitments to enhance information sharing between funds and critical service providers, including custodians, administrators and tech providers.
- Developing industry-wide frameworks to combat financial and cyber crime.
- Helping make Australians aware of the actions they can take to protect their super and data from scammers.
So when Optus or Medibank have a breach there’s calls for directors to be held personally responsible. Bet the media will be silent in this case as double standards rule ok!!
A $4 Trillion $$$$ honey pot for scammers.
Let’s hope ASIC, APRA / Govt and Super Funds do a much better job than the Aussie Banks at protecting all our retirement funds.
Very Scary to think our Govt and Banks have let $3 Billion a year get stolen / scammed and done bugger all to stop it.
Wonder if it will come up in conversation during their regular Friday afternoon golf game with ASIC? Maybe Aust Super and Rest might have to buy the beers afterwards
Whilst there looking and snooping around, I was wondering if these nice Cyber Criminals could have a look for the form I sent in?
I sent into Australian Super a form to transfer my deceased husband Super to myself when Reggie passed away as per the signed binding death nominations….I sent it in 4 years ago and I called again today and the nice lady said it was still being processed. I’ve just been living off Centrelink payments since he passed and his Account Based Pension was valuable…Whilst I love microwaving Cat food to eat, his Pension payments were valuable.
I did ask ASIC and APRA to have a look for the form, but they were too busy chasing after those Nasty Financial Planners and said they had a staff party costing $90,000 to go too.
regards Dot.
As my 10 year old grandson would say, “are you being sarcastic, Da”
A little bit of satire is always welcome
Trouble is, I don’t believe FNW would be read in ASIC
And then someone would have to find a sense of humour