POWERED BY MOMENTUM MEDIA
Unified approach to cybercrime needed in super
Superannuation funds and their providers need a unified approach to cybercrime, according to the Gateway Network Governance Body (GNGB).
Addressing the Association of Superannuation Funds of Australia (ASFA), GNGB executive officer, Michelle Bower, said cyber security weakness at any point along the value chain might leave individual member data vulnerable.
Bower said the super ecosystem was made up of a number of parties that contributed to the value chain from members, employers, payroll, clearing houses, custodians, gateways, funds and the tax office.
“Funds who are trusted by their membership base, have a very powerful opportunity to raise awareness of the data security issues facing members, and help members to take steps to ensure their own data safety,” she said.
“This trusted relationship becomes especially important in times of crisis so that funds can communicate swiftly and clearly with their members. Security aware members can contribute to the overall security posture of the industry.”
Bower noted that experiences from other industries illustrated the sharing of threat and vulnerability intelligence significantly impacted the ability to defend against criminal activity.
“What we’re seeing now, unfortunately, reinforces that the system is only as good as its weakest link,” she said.
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
