The ongoing cybersecurity challenge in super

Enacting cybersecurity protection in superannuation is a “fight to keep your head above water”, according to experts.

Speaking to the Association of Superannuation Trustees (AIST), Callum Masson, chief information security officer at Mine Super, was asked what was the biggest challenge of his role.

He said: “Working in the information security space now is a fight to keep your head above water.

“With a seemingly endless ‘news cycle’ of threats and incidents, increased regulation to be considered and addressed, in addition to our operational day-to-day management obligations, the primary challenge is balancing the very real demands of cybersecurity and carving out time to progress, refine, and re-plan the strategic investment roadmap.”

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Sri Hiremath, head of technology risk, security and assurance at TelstraSuper, added there was room for improvement in super as a few common suppliers provided services across multiple funds.

Another challenge was to find a common language when discussing specialist or complex areas with stakeholders in order to explain the concepts better.

Masson said: “Finding a common language to discuss any specialist and complex area is invaluable, and the team works very hard to avoid making the topic more challenging through the use of complex jargon. Education and awareness is key in the organisation, and we adopt the philosophy that cybersecurity is the responsibility of all teams.”

A multipronged approach is applied to ensure this risk is well understood and communicated with simple, common, and consistent language.

Hiremath said communication required a “multi-pronged approach” which encompassed regular awareness campaigns, understanding it was all staff’s responsibility and a strong linkage with the fund’s risk management culture.