Cyber breach hits big industry funds | Australian Markets

Some of Australia’s largest industry superannuation funds have confirmed they’ve been the subject of a coordinated cyber assault.

Among the funds are AustralianTremendous and Rest with AustralianTremendous having confirmed to media retailers that it has suffered a breach that noticed the passwords of 600 accounts compromised.

Other funds understood to have been affected embrace Australian Retirement Trust, Hostplus and Insignia.

Industry physique, the Association of Superannuation Funds of Australia has issued a assertion stating it’s conscious that final weekend hackers tried to get by means of the cyber-defences of a quantity 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 mentioned.  “Retirement savers needs to be assured superannuation funds and their service suppliers have already got rigorous cyber protections in place. “

“In a quickly evolving menace panorama there’ll all the time be new and rising dangers, however Australia’s super sector is proactively working collectively to improve system-wide defences, together with by means of the ASFA Financial Crime Protection Initiative (FCPI).

Actions embrace:

• Establishing a hotline between the superannuation sector, related authorities businesses and associated financial companies our bodies when points come up.
• Commitments to boost data sharing between funds and important service suppliers, together with custodians, directors and tech suppliers.
• Developing industry-wide frameworks to fight financial and cyber crime.
• Helping make Australians conscious of the actions they’ll take to guard their super and knowledge from scammers.