Coordinated Cyber Attacks Target Australian Pension Funds

Several Australian pension funds have fallen victim to coordinated cyberattacks, affecting thousands of accounts. With Australia's largest pension fund, AustralianSuper, being compromised, the government, led by the National Cyber Security Coordinator, is taking measures to respond. Other funds like REST and Insignia Financial have also reported breaches.

In a major cybersecurity incident, several Australian pension funds have been targeted by organized hacking attacks, compromising thousands of member accounts in the country's expansive A$4.2 trillion industry. This alarming development was confirmed by the government's cyber security chief on Friday.

National Cyber Security Coordinator, Michelle McGuinness, responded by stating that cyber criminals have indeed targeted account holders of pension funds. A coordinated response effort is underway at the governmental level. Among the casualties of the breach is AustralianSuper, the largest fund in the country that handles A$365 billion for over 3.5 million members. The fund reported that up to 600 member credentials were stolen and used in fraudulent attempts.

To mitigate the damage, immediate action was taken to secure the compromised accounts, AustralianSuper's chief member officer, Rose Kerlin, noted. Similarly, REST, which serves 2 million members and manages A$93 billion, experienced an attack affecting about 1% of its clientele, according to CEO Vicki Doyle. Insignia Financial, handling A$327 billion, also reported interception attempts by a 'malicious third party.' Fortunately, at this stage, no financial losses have been reported.

(With inputs from agencies.)