(Bloomberg)
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Heart of super has cyber vulnerability: regulator
Feb 7, 2021 â 3.45pm
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Key financial infrastructure running Australiaâs $2.9 trillion superannuation system will be a sitting duck for cyber attacks unless action is taken to develop âa holistic and co-ordinated approachâ to managing threats, according to research by PwC and the regulator governing transactions in the system.
The Gateway Network Governance Body, which oversees the superannuation transaction network and supports the functionality of the nationâs retirement savings pool, has warned Australiaâs 200 super funds to bring in consistent cybersecurity controls across funds and sectors, introduce better information sharing on present cyber threats and incidents, and to embed preventative cyber tools into the super ecosystem rather than letting the responsibility fall back on to individual savers.