Cyber tzar McGuinness calls for improved data sharing among super funds
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The news: National cyber security coordinator Michelle McGuinness has warned that "a key tension" between competition and collaboration is hindering collective progress in Australia's cyber security space.
The context: Speaking at a superannuation industry roundtable hosted by the Australian Prudential Regulation Authority (APRA), McGuinness emphasised the "critical importance" of rapid information sharing during cyber incidents to improve responsiveness and resilience across industries.
During the roundtable, which focused on recent cyber incidents impacting a number of superannuation entities, APRA flagged that the industry's $4 trillion in assets as becoming "increasingly attractive to fraudsters and cyber criminals".
It noted that while the overall impact of cyber incidents in March and April was contained, the attacks indicated the system's appeal of threat actors.
Several larger super funds were hit by a coordinated cyberattack earlier this year, with the country's largest retirement fund AustralianSuper reporting 600 members' passwords stolen.
The source: APRA
