Superannuation cyberattack: AustralianTremendous, REST | Australian Markets
Some of Australia’s greatest superannuation funds have been hit by what seems to be a concerted cybersecurity assault on the $4.2 trillion industry.
It understood some of the hackers managed to raid some funds and affected members at the moment are being contacted.
AustralianTremendous on Friday confirmed its defences had been breached, with up to 600 accounts compromised “in attempts to commit fraud”, with member passwords stolen.
“While we took immediate action to lock these accounts and let those members know, there are things members can do right now to protect themselves online,” AustralianTremendous chief member officer Rose Kerlin mentioned.
“Over the past week, we have seen a spike in suspicious activity across our member portal and mobile app, and we are urging members to take steps to protect themselves online.”
Meanwhile, the cyberattack had compromised the main points of least 8000 retail staff’ default fund REST.
REST chief govt Vicki Doyle mentioned it instantly shut down its member entry portal as soon as it grew to become conscious of “some unauthorised activity” on March 29-30. As a end result, the influence had been restricted to much less than one per cent of its members.
“No member funds were transferred out of impacted members’ accounts due to these unauthorised access attempts,” Ms Doyle mentioned.
“At this stage, we believe that some of our members may have had limited personal information accessed and we are currently working through this with those impacted members.”
Ms Doyle mentioned some members’ personal info resembling their first title, e-mail tackle and member quantity might have been accessed.
It’s understood Australian Retirement Trust, Hostplus and the most important retail super fund Insignia have additionally been subject to the assault.
Association of Superannuation Funds of Australia mentioned whereas the bulk of the makes an attempt had been 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.”
“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.”
National cybersecurity co-ordinator lieutenant basic Michelle McGuinness mentioned she was conscious of cybercriminals focusing on particular person account holders of a quantity of super funds.
“I am co-ordinating engagement across the Australian government, including with the financial system regulators, and with industry stakeholders to provide cybersecurity advice,” she mentioned.
“If you have been impacted or are concerned you may have been impacted, follow the advice provided by your super fund.”
Superannuation funds are urging their members to test accounts for indicators of fraud, guarantee their banking and phone particulars are appropriate, and change their password if it isn’t distinctive to their account.
Prime Minister Anthony Albanese mentioned authorities companies would examine the assault however he warned that online assaults had turn into common in Australia.
“We will respond in time, we’re considering what has occurred,” Mr Albanese mentioned.
“But bear in mind the context here: there is an attack, a cyber attack in Australia about every six minutes.”
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