Australian Super Funds Hit by Latest Cyberattack

A bunch of Australian super funds, including AustralianSuper, Rest, and Insignia, have been hit by a cyberattack, with hackers using stolen passwords to try and break into members' accounts.

The National Cyber Security Coordinator, Lieutenant General Michelle McGuinness, confirmed that the government is all over it. "I am aware cybercriminals are targeting individual account holders of a number of superannuation funds," she said. Authorities are now working with financial regulators and industry leaders to handle the situation and provide advice.

AustralianSuper has seen a noticeable spike in suspicious activity over the past week. Their Chief Member Officer, Rose Kerlin, explained that cybercriminals attempted to access up to 600 accounts using stolen credentials. "We took immediate action to lock these accounts and let those members know," she assured.

Insignia Financial also reported similar attacks, describing the method used as "credential stuffing"—where hackers take stolen usernames and passwords and try them repeatedly to get into accounts. Rest Super was targeted too, but their CEO, Vicki Doyle, confirmed that no member funds had been transferred as a result of the breach.

Authorities are still investigating the full extent of the attack, and more details are expected to come out soon. In the meantime, if you have an account with any of these funds, it's a good idea to log in, check your details, and update your passwords just to be safe!