Super cyber-security readiness to be tested

The superannuation industry is moving this week to test its ability to deal with an eco-system wide cyber security breach.’

The Gateway Network Governance body in collaboration with key superannuation sector stakeholders, will test the effectiveness of a cyber security incident response under “Operation Honey Bee II”.

Gateway Network Governance Body (GNGB) chief executive, Michelle Bower said the exercise has been named honey bee because honey bees work collectively to protect and maintain the health of their hive.

“Our ability to respond effectively to cyber threats depends on shared responsibility, collaboration and readiness across the ecosystem,” she said

“We are pleased to be able to provide these opportunities for all types of organisations across the superannuation ecosystem to come together to explore real-world response strategies in a safe, collaborative setting and exercise our collective response capability,” Bower said.

The GNGB said that exercise will Build on the success of two previous sector-wide exercises, bringing together representatives from across the superannuation ecosystem, including funds, administrators, service providers, regulators and government agencies.

Association of Superannuation Funds of Australia (ASFA) chief executive, Mary Delahunty said the initiative is intended to strengthen collective cyber resilience, test coordination capabilities and reinforce preparedness for increasingly complex and sophisticated cyber threats.

The GNGB said the exercise will simulate a coordinated response to a significant cyber-attack, giving participants the opportunity to identify strengths, uncover gaps and test communication and compliance procedures under pressure.