The Australian Prudential Regulation Authority (APRA) has warned the entities it regulates, including superannuation funds, to expect to experience significant cyber security incidents.
The regulator has used its latest Insights publication to reveal that just over half of all the entities it surveyed made up of 20 regulated entities and one service provider, had experienced at least one cyber security incident in the previous 12 months.
Further, it said that those incidents were sufficiently serious to warrant executive management involvement.
However, it said that while the cyber threats had had the potential to cause a material impact, they appeared to have been well managed through a combination of effective monitoring and response activities, often supplemented by the use of external expertise.
"The incidents reported highlight the evolving range of threats and the importance of diligence in maintaining defences commensurate with the threat landscape," the APRA document said.
Superannuation funds are cautiously integrating artificial intelligence (AI) into their operations, leveraging its potential to streamline processes, improve decision making, and enhance customer service, according to a new report.
Superannuation funds are stepping up their cyber security efforts as reliance on digital infrastructure exposes them to growing risks of cyber attacks, according to new research from JP Morgan.
Fund managers are entering 2025 with the most bullish sentiment since August 2021, helped by rising expectations for global growth and rotating cash into equities.
As Australia counts down to a rate cut, an economist has emphasised the critical need for a boost in productivity.