Super funds need to increase data management protection

10 October 2019
| By Chris Dastoor |
image
image
expand image

Australia’s retirement savings pool is at risk of cybercrime and fraud attacks as the sector continues to grow, according to a whitepaper authored by payment technology company InPayTech.

The paper titled 'Keeping our Money Safe' said superannuation funds, payroll providers and employers needed to increase their commitment to protection from data breaches and fraud attacks.

The paper noted the rise of ‘mega-superfunds’ as superannuation fund amalgamations increased due to the Australian Prudential Regulation Authority’s (APRA’s) ongoing focus on underperformance.

The paper also addressed that the New Payments Platform (NPP) was set to become the ‘backbone’ of Australia’s payment architecture and when it was integrated with SuperStream seamlessly, InPayTech predicted it would have meaningful benefits for employers and employees.

Dean Martin, InPayTech chief executive, said payment technology firms needed to make meaningful investment in adapting their operations and services to integrate themselves with NPP infrastructure.

“As ‘big-data’ becomes ‘mega-data’, pay-tech vendors will need to develop scalable systems and processes, enabling organisations to quickly and effectively process ever-increasing volumes of data,” Martin said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 1 month ago
Kevin Gorman

Super director remuneration ...

1 year 1 month ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 1 month ago

Global X believes the yellow metal could soar as high as US$3,000 this year, with market flows leading the charge....

3 days 22 hours ago

While Australian companies could face starkly different climate-related reporting regimes depending on which way the election swings, a sustainable investment specialist ...

3 days 22 hours ago

The Association of Superannuation Funds of Australia (ASFA) is calling on the federal government to focus on measures in the upcoming budget that will improve fairness fo...

3 days 22 hours ago

TOP PERFORMING FUNDS