Summary of Cyber Attacks on Australian Superannuation Funds

A series of suspected cyber attacks have targeted several Australian superannuation funds, resulting in significant distress for members. Among the impacted is AustralianSuper, the country’s largest retirement fund, which reported that four members had collectively lost $500,000 in retirement savings due to these attacks. Over the past month, AustralianSuper has faced 600 attempted cyber attacks, leading to issues with members being unable to access their accounts, with some accounts erroneously showing zero balances.

Members expressed their concerns to ABC News, citing difficulties in logging into their accounts and frustrations with a high volume of traffic to the fund’s call center. In response to the situation, AustralianSuper confirmed that while access issues were causing interruptions, members’ funds remained secure and that they were actively working to resolve the problems.

The Association of Superannuation Funds of Australia (ASFA) also noted that other funds, including Rest, Hostplus, Insignia, and Australian Retirement, experienced cyber attack attempts over the weekend. While most attempts were thwarted, there were reports of some members having limited personal information accessed.

Prime Minister Anthony Albanese acknowledged the ongoing issue of cyber attacks in Australia, stating that such incidents occur approximately every six minutes and reaffirmed the government’s commitment to tackling cyber criminal activity. The impacted superannuation funds are collaborating with the National Cyber Security Coordinator to address the situation.

Key Points:

• Australian superannuation funds have faced a wave of cyber attacks.
• AustralianSuper experienced a loss of $500,000 among four members.
• Members reported issues accessing accounts, with some showing zero balances.
• ASFA confirmed that several funds were attacked, but most threats were repelled.
• Prime Minister Albanese addressed the issue, emphasizing the frequency of cyber attacks in Australia, while funds work with federal authorities on cybersecurity measures.

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