The Association of Superannuation Funds of Australia (ASFA) has been targeted by hackers leading to compromised data and significant financial losses estimated at $500,000 for affected companies. Although many superannuation funds were safeguarded, notable members like AustralianSuper, Australian Retirement Trust, and Insignia reported attacks. ASFA assured retirement savers of robust cybersecurity measures in place, while initiatives like the Financial Crime Protection Initiative aim to bolster system-wide defenses. Nevertheless, criticism from Super Consumers Australia highlights ongoing concerns about cybersecurity in the sector.
"Funds are contacting all affected members to let them know and are helping any whose data has been compromised. Retirement savers should be assured superannuation funds and their service providers already have rigorous cyber protections in place."
"Our Cyber Security team are actively working to apply additional monitoring and mitigations to protect customer accounts. As a precaution we have taken steps to restrict some activities on the Expand Platform."
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