Hackers targeted Australian superannuation funds, resulting in a data breach that saw a small number of customers losing a combined $500,000 and compromising members’ data, according to the industry’s peak body. The Association of Superannuation Funds of Australia (ASFA) stated that hackers attempted to breach the cyber defenses of several superannuation funds over the weekend. While most attempts were thwarted, some companies were impacted.
ASFA mentioned that impacted funds were reaching out to affected members to inform them if their data had been compromised. Notable funds hit in the attack included Hostplus, Rest, AustralianSuper, and Australian Retirement Trust. National cybersecurity coordinator Lieutenant General Michelle McGuinness confirmed the cyber-attack and highlighted the collaboration between superannuation and banking firms with government agencies to address the situation.
While Insignia Financial reported that about 100 accounts on its Expand platform were targeted, no financial impact on customers was detected. Rest disclosed that approximately 8,000 accounts may have had personal information accessed, though no funds were transferred. AustralianSuper, with over 3.4 million members, confirmed that four members had $500,000 collectively taken from their accounts. The fund advised its members to ensure strong and unique passwords for account security.
Members faced difficulties accessing their accounts due to high call center traffic and online service outages. Despite temporary glitches showing $0 balances, AustralianSuper assured members of their account security. Prime Minister Anthony Albanese acknowledged the cyber-attack, emphasizing the need for a strategic response given the frequency of cyber-attacks in Australia.
Rest reported that the attack impacted 8,000 members, with minimal personal data exposure. The fund assured that less than 1% of members were affected, and no funds were transferred out of impacted accounts. Australian Ethical stated that its analysis showed no impact on the fund, attributing the attacks to the reuse of previously leaked passwords.
HostPlus mentioned ongoing investigations with no member losses discovered as of the latest update. Lt Gen Michelle McGuinness stressed the coordination of a comprehensive government response to address the issue. Alastair MacGibbon from CyberCX highlighted the rising threat of credential stuffing attacks and advised individuals to use strong, unique passwords and organizations to implement multi-factor authentication.
ASFA underscored the industry’s collaborative efforts to enhance system-wide defenses, including establishing a hotline for communication with government agencies, improving information sharing, and developing frameworks to combat financial and cybercrime. The incident serves as a stark reminder of the evolving cybersecurity landscape and the critical need for robust measures to safeguard sensitive financial data.