Unified approach to cybercrime needed in super

14 May 2020
| By Jassmyn |
image
image
expand image

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.

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