In April 2025, several major Australian superannuation funds, including AustralianSuper and Rest, experienced coordinated cyberattacks that compromised thousands of member accounts. Cybercriminals employed credential stuffing techniques, utilizing stolen usernames and passwords from previous data breaches to gain unauthorized access. Once inside, attackers redirected funds or harvested sensitive personal information, leading to the theft of approximately AUD $500,000 before detection and intervention.
The Australian Prudential Regulation Authority (APRA) and affected superannuation providers responded by enhancing security controls and commissioning independent security audits. Authorities emphasized the importance of unique, strong passwords and the implementation of multi-factor authentication (MFA) to mitigate such risks. This incident underscores the vulnerability of superannuation accounts to cyber threats and highlights the need for robust cybersecurity measures to protect Australians’ retirement savings.
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Context & Background
The Australian superannuation sector, managing over AUD $4.2 trillion in assets, has become an attractive target for cybercriminals due to the substantial funds and sensitive personal information held within accounts. In recent years, there have been multiple incidents highlighting vulnerabilities in the sector. For instance, in March 2023, NGS Super experienced a cyberattack where limited personal data was accessed, prompting the Australian Prudential Regulation Authority (APRA) to impose additional licence restrictions due to significant deficiencies in the fund’s cyber controls. Similarly, in October 2023, Super SA reported a data breach involving a third-party call centre, leading to potential exposure of member information. These incidents underscore the critical need for robust cybersecurity measures within the superannuation industry to safeguard members’ retirement savings and personal data.
In This Story
AustralianSuper
AustralianSuper is the largest superannuation fund in Australia, managing over AUD $365 billion for approximately 3.5 million members. It offers a range of investment options and services to help Australians achieve their retirement goals.
Rest Super
Rest Super is one of Australia’s largest industry superannuation funds, with over 2 million members and managing assets exceeding AUD $93 billion. It primarily serves employees in the retail sector but is open to all Australians.
Australian Prudential Regulation Authority (APRA)
APRA is the Australian government agency responsible for the prudential regulation of financial institutions, including banks, insurance companies, and superannuation funds, ensuring their financial soundness and stability.
National Cyber Security Coordinator
The National Cyber Security Coordinator is a role within the Australian government tasked with coordinating national efforts to protect against and respond to cyber threats, working across government agencies and with industry partners.
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