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   Australia's largest pension funds hit by hackers, thousands of dollars stolen   
      
   Date:   
   Fri, 04 Apr 2025 09:31:15 +0000   
      
   Description:   
   Australian government says it is working on a response to major attack.   
      
   FULL STORY   
      
   Australias superannuation industry is experiencing a barrage of cyberattacks   
   which have seen customers already lose more than AU$500,000.    
      
   AustralianSuper, Australian Retirement Trust, Rest, Insignia and Hostplus all   
   confirmed breaches, with the former confirming losing 600 member passwords ,   
   which cybercriminals tried to use in fraud attacks.    
      
   "We took immediate action to lock these accounts and let those members know,"   
   AustralianSuper's Chief Member Officer Rose Kerlin said, stressing that all   
   members should reinforce their accounts with new, stronger passwords, and    
   that they should check their balances.    
      
   Unusual login activity    
      
   Four members have cumulatively had AU$500,000 withdrawn from their accounts,   
   Reuters further reported, citing an anonymous source. AustralianSuper is yet   
   to comment on this information.    
      
   Rest Super, on the other hand, confirmed that the attack affected 20,000   
   accounts. "Over the weekend of 29-30 March 2025, Rest became aware of some   
   unauthorized activity on our online Member Access portal," Rest CEO Vicki   
   Doyle said. We responded immediately by shutting down the Member Access   
   portal, undertaking investigations and launching our cyber security incident   
   response protocols."    
      
   Australian Retirement Trust also observed unusual login activity on several   
   hundreds of accounts, but no withdrawals were attempted.    
      
   The countrys government has acknowledged these incidents and said it was   
   working on a response.    
      
   The industry is a key component of the nation's savings system. It has seen   
   substantial growth and consolidation in recent years. As of December 2024,    
   the industry managed approximately $4.17 trillion in total superannuation   
   assets, up 11.5% increase from the previous year. At the same time, there are   
   approximately 23.1 million member accounts across 960 superannuation    
   products.    
      
    Via Reuters   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/security/australias-largest-pension-funds-hit-by   
   -hackers-thousands-of-dollars-stolen   
      
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