[Australia] $500,000 lost in cyberattacks on superannuation funds

Around half a million dollars was taken from retirement accounts in a cyberattack on Australia’s largest superannuation funds earlier this month, CPO Magazine reports.

News of the incident was first broken by an anonymous inside source who provided details to the media. A number of individual funds, including AustralianSuper and Australian Retirement Trust, subsequently confirmed that they had suffered breaches affecting some of their members.

The scale of the cyberattack is still reportedly unclear, but some of the breached parties shared details that indicate a relatively small number of accounts were breached. However, the total includes about 20,000 accounts at one fund, and at least 600 at another.

The Association of Superannuation Funds of Australia members comprise the largest superannuation funds in the country, the biggest of which consist of several million members each. The industry group confirmed that data breaches had hit an unspecified number of its members, and some of those individual members have come forward to confirm their own cyberattacks independently.

Initially, an inside source told the media that around 20,000 accounts in total had been compromised. Rest Super, which handles superannuation funds for retail workers, said about the same number of breached accounts were impacted by its cyberattack. The equivalent of approximately 1 per cent of its two million members. It is not yet clear how much it has lost. The company reportedly manages some $93 billion in assets.

Source: CPO Magazine

Around half a million dollars was taken from retirement accounts in a cyberattack on Australia’s largest superannuation funds earlier this month, CPO Magazine reports.

News of the incident was first broken by an anonymous inside source who provided details to the media. A number of individual funds, including AustralianSuper and Australian Retirement Trust, subsequently confirmed that they had suffered breaches affecting some of their members.

The scale of the cyberattack is still reportedly unclear, but some of the breached parties shared details that indicate a relatively small number of accounts were breached. However, the total includes about 20,000 accounts at one fund, and at least 600 at another.

The Association of Superannuation Funds of Australia members comprise the largest superannuation funds in the country, the biggest of which consist of several million members each. The industry group confirmed that data breaches had hit an unspecified number of its members, and some of those individual members have come forward to confirm their own cyberattacks independently.

Initially, an inside source told the media that around 20,000 accounts in total had been compromised. Rest Super, which handles superannuation funds for retail workers, said about the same number of breached accounts were impacted by its cyberattack. The equivalent of approximately 1 per cent of its two million members. It is not yet clear how much it has lost. The company reportedly manages some $93 billion in assets.

Source: CPO Magazine