With cyber-attacks on the rise, how safe is your super?
In 2023, Latitude Financial had 14 million customer records stolen from its system in a cyber-attack. In 2024, a hack on Medibank resulted in the personal details of 9.7 million customers being published on the dark web.
In April, it was Australian Super who became the target of cyber criminals, with a combined $500,000 stolen from four of its members.
Clearly, cyber-attacks on superannuation funds are on the rise – and there's a big reason why. 'Superannuation is a $4 trillion Australian business,' says Kam-Fung Cheung, a lecturer in cybersecurity at the University of New South Wales Business School.
Superannuation represents an attractive pool of wealth to hackers. Which makes taking steps to protect it critically important – for both funds and individuals.
'For many Australians, their superannuation is going to be either the largest or second-largest asset they'll ever own,' says Jo Brennan, group executive, member engagement, education and advice at Aware Super.
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'It's really super-important to be very vigilant and to protect and be across your super.' So how can you protect your superannuation? Here's what the experts say.
How your fund can keep your money safe
Hackers typically gain access to super funds by purchasing passwords from data leaks via the dark web, then using those passwords to log into super accounts – a practice Cheung says is called 'credential stuffing'.
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