SMSFs not immune to cyber attacks | Australian Markets

Even earlier than the regulators transfer to deal with the cyber attacks on main Australian Prudential Regulation Authority (APRA) regulated funds, the SMSF Association has warned trustees to stay alert and proactive.

SMSF Association chief government, Peter Burgess mentioned that no half of the superannuation sector is a immune from cyber threats – together with SMSFs.

“We are not aware of SMSFs being targeted in these most recent attacks, but given the fragmented nature of our sector, it can be difficult to identify isolated incidents,” he mentioned.  “What we do know is that the cyber dangers confronted by SMSFs are completely different in nature to these which manifested themselves in these latest attacks.

“Unlike a sector-wide assault that targets the balances of many members concurrently, an assault on SMSFs would require focusing on particular person bank accounts which generally represents the retirement financial savings of one or two members.

“Every SMSF is required to have their own bank account which means trustees can benefit from the security protocols of both the banks and their SMSF software providers and administrators.”

“Whilst these layered protections are reassuring, they are not infallible. Cyber criminals continue to evolve their tactics, and no industry is immune from a cyber-attack – and that includes SMSFs.”

“To protect retirement savings, SMSF trustees must also take personal responsibility for cyber hygiene and remain vigilant.”