Hackers Strike Australia's Top Pension Funds in Coordinated Cyber Attacks

Hackers hit major Australian pension funds, stealing savings and compromising 20,000+ accounts in a coordinated cyberattack.

A source familiar with the situation claims that hackers have penetrated over 20,000 accounts and stolen cash from some members of Australia's largest pension fund in a series of coordinated strikes.

National Cyber Security Coordinator Michelle McGuinness said she was coordinating a response involving the government, regulators, and industry because she was aware of "cyber criminals" targeting accounts in the nations A$4.2 trillion ($2.63 trillion) retirement savings sector.

The industry group, the Association of Superannuation Funds of Australia, reported that several funds were affected over the weekend. The extent of the problem is yet unknown, however on Friday, AustralianSuper, Australian Retirement Trust, Rest, Insignia, and Hostplus all acknowledged breaches.

According to AustralianSuper, the biggest fund in the nation, which oversees A$365 billion for 3.5 million members, up to 600 user passwords have been taken in an attempt to access accounts and commit fraud.

Rose Kerlin, Chief Member Officer of AustralianSuper stated that they have locked these accounts and informed those members along with urging them to check their online balances.

According to a source who was not authorized to speak publicly about the situation, four AustralianSuper members had a total of A$500,000 taken out of their balances and moved to other accounts that weren't theirs.

Prime Minister Anthony Albanese stated that he was informed about the hacks and that government agencies would provide a considered response in due course. He went on to say that attacks of this nature were a regular issue in Australia, happening once every six minutes.