Cyber Breach Strikes Major Australian Pension Funds

Several Australian pension funds, including major ones like AustralianSuper and Australian Retirement Trust, have been targeted by cyberattacks, compromising thousands of member accounts. This breach raises concerns about the security of Australia's A$4.2 trillion pension industry, with fears that other funds could face similar threats.

In a significant security breach, several major Australian pension funds have been victims of a coordinated cyberattack, compromising thousands of member accounts, according to reports on Friday.

The pension funds affected include leading industry players such as AustralianSuper, Australian Retirement Trust, and Hostplus, along with Insignia Financial and REST, the pension fund for retail workers.

REST CEO Vicki Doyle confirmed that their fund, with an asset management portfolio worth A$93 billion, was impacted by the attack, affecting approximately 1% of its 2 million members. The concern that this cyber onslaught could spread to other funds in Australia's massive A$4.2 trillion industry lingers.

(With inputs from agencies.)