Australian super funds targeted by criminals in new cyberattack

Several Australian super funds including AustralianSuper and Insignia have been hit by a cyberattack, with stolen passwords used to target member's accounts.

The National Cyber Security Coordinator, Lieutenant General Michelle McGuinness, confirmed that federal authorities were aware of the breach.

"I am aware cybercriminals are targeting individual account holders of a number of superannuation funds," Lieutenant General McGuinness said.

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"I am coordinating engagement across the Australian Government, including with the financial system regulators, and with industry stakeholders to provide cyber security advice.

"If you have been impacted or are concerned you may have been impacted, follow the advice provided by your super fund."

AustralianSuper's Chief Member Officer Rose Kerlin said the fund had seen a spike in suspicious activity in the last week.

"Over the past week, we have seen a spike in suspicious activity across our member portal and mobile app and we are urging members to take steps to protect themselves online," Kerlin said.  

"This week we identified that cybercriminals may have used up to 600 members' stolen passwords to log into their accounts in attempts to commit fraud," she said.

"While we took immediate action to lock these accounts and let those members know."

The fund encouraged its members to log into their account to check that their bank account and contact details are correct.

The full scale of the breach is not yet known, but it is believed that multiple super funds have been affected by data breaches.

More to come.