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.

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“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.