Superannuation in Australia news: What You Need to Know About the Recent Cybersecurity Attack

Norma Falconer
Apr 6
5 min read

In the wake of the recent cybersecurity attack that targeted several Australian superannuation funds, many investors are understandably concerned about the safety of their retirement savings.

The attack affected major funds including Hostplus, Rest Super, AustralianSuper, Insignia Financial, and Australian Retirement Trust.

Hackers used stolen passwords to attempt unauthorised access to accounts, and while many attempts were thwarted, some accounts were unfortunately breached.

Superannuation in Australia news: What You Need to Know About the Recent Cybersecurity Attack

What Should You Do If You’ve Been Affected?

Change Your Passwords: Immediately change the passwords for your superannuation account and any other accounts that use the same or similar passwords. Use strong, unique passwords for each account.
Enable Multi-Factor Authentication (MFA): If your super fund offers MFA, enable it to add an extra layer of security to your account.
Monitor Your Account: Regularly check your superannuation account for any unauthorised transactions or changes. Report any suspicious activity to your super fund immediately.
Contact Your Super Fund: Reach out to your super fund's customer service to inform them of any issues and to get guidance on additional steps you may need to take.

Ongoing Protection:

Update your Contact Information: Ensure your email and phone number on file with your super fund are correct so you can receive important updates and alerts.
Be Cautious of Phishing Attempts: Be wary of any communication asking you to click links or provide personal information. Always verify the source before responding.
Use a Password Manager: Consider using a password manager to generate and store complex passwords securely.
Stay Informed: Keep up to date with any announcements from your super fund regarding the breach and follow their recommended actions.

Additional Support:

If you have suffered financial loss or need further assistance, you may also consider

Contacting the Australian Cyber Security Centre (ACSC): They provide resources and support for individuals affected by cyber incidents.
Seeking Financial Advice: If you have lost funds, a financial adviser can help you understand your options and plan your next steps.

Your Investments Are Protected

Despite the breach, investors can take solace in knowing that their assets are safeguarded by investment custodians.

Explanation of an Investment Custodian

An investment custodian is a financial institution responsible for safeguarding a company's or individual's financial assets.

Their primary roles include:

Safekeeping of Assets: Ensuring that securities and other assets are securely held to prevent theft, loss, or damage.
Trade Processing: Managing the settlement of transactions, including buying and selling securities.
Asset Servicing: Handling administrative tasks such as collecting dividends and interest payments, processing corporate actions, and managing tax-related issues

Why Investors in Superfunds are Protected

Investors in superannuation funds are protected for several reasons:

Segregation of Assets: Custodians hold assets separately from their own balance sheets, ensuring that the assets are not affected by the custodian's financial health.
Regulatory Compliance: Custodians are regulated entities that must adhere to strict compliance and reporting standards, providing an additional layer of security and transparency.
Risk Mitigation: By using custodians, superfunds minimise the risk of asset misappropriation, misuse, or loss, ensuring that investors' assets are managed securely and efficiently.

These measures collectively help protect investors' assets, providing peace of mind and ensuring the integrity of their investments.

The table below lists the superannuation funds affected by the recent cybersecurity attack, their custodians, and the global assets under custody for each custodian

Superfund	Custodian	Global Assets Under Custody
Hostplus	JPMorgan Chase Bank	$34.6 trillion
Rest Super	State Street Corporation	$36.7 trillion
AustralianSuper	State Street Corporation	$36.7 trillion
Insignia Financial	BNP Paribas	$15.0 trillion
Australian Retirement Trust	State Street Corporation	$36.7 trillion

Take Control of Your Financial Future

In times of uncertainty, having a trusted financial adviser can make all the difference.

Think Capital Advice is here to help you manage these challenges and ensure your financial security.

Your Next Steps

Don't wait until it's too late. Take proactive steps to protect your superannuation and secure your financial future.

Schedule an appointment with Think Capital Advice to discuss your concerns and consider tailored strategies that align with your goals. The team of professionals is dedicated to helping you achieve financial independence and peace of mind.. 👉 Schedule here

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Learn More About Think Capital Advice

Norma Falconer is a Business Owner, Entrepreneur, Financial Planner, Portfolio and Invesment Manager, Personal Insurance Specialist and Estate Planner, in Australia, known for her prudent advice, practical solutions, and progressive results.

As the Founder of Think Capital Advice, Norma combines deep technical expertise with a compassionate, personalised and client-centric approach. Norma specialises in guiding high-income-earning business owners, professionals, and their families toward achieving their version of financial independence. Her dedication to excellence is matched by a commitment to making complex financial concepts accessible and actionable for her clients.

She is Professionally Licensed, FASEA-accredited, a Tax (Financial) Adviser, and holds multiple qualifications, including a Post-Graduate Diploma of Financial Planning and certifications in results coaching. Beyond her professional achievements, Norma is an advocate for community empowerment and has served on various boards, including the Cansa Association and Business Women’s Association. She is also a best-selling author, recognised speaker, and media contributor, sharing insights that simplify the path to financial independence.

Leveraging over 35 years of working with high-net wealth families, the team at Think Capital Advice excel in working with you to improve financial stability through maximising cashflow, growing wealth, utilising tax-effective strategies, and ensuring that your legacy is protected. Learn more at Think Capital Advice