Australia's pension funds are facing unprecedented cyber attacks, resulting in the theft of member savings and compromising over 20,000 accounts. National Cyber Security Coordinator Michelle McGuinness confirmed that cyber criminals are targeting the nation's A$4.2 trillion retirement savings sector. Several major funds, including AustralianSuper, which manages A$365 billion for 3.5 million members, reported breaches. The full extent of the incident is still under investigation, but initial reports indicate that hundreds of member passwords were stolen, facilitating fraudulent access to accounts. The government and industry are coordinating responses to the attack.
National Cyber Security Coordinator Michelle McGuinness stated that the coordinated cyber attacks have led to the theft of savings from Australia's major pension funds, affecting over 20,000 accounts.
The Association of Superannuation Funds of Australia reported multiple funds were impacted by hackers targeting the A$4.2 trillion retirement savings sector, indicating a serious breach.
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