April 4, 2025
Emerging news of a significant cyber attack on at least five major superannuation funds should concern all Australians. A number of Australians today face the real prospect that their retirement savings have been stolen by cyber criminals. The government must be clear about when it learned about this threat and what steps it took to prevent it. Funds must be clear about what cyber security investments they have made to protect their members and how they will prevent this moving forward.
Superannuation is Australians’ money. It is critical funds take their obligations to serve their members seriously.
The Coalition in government put in place significant protections for super fund members and strong obligations for fund managers.
The Prime Minister and his Treasurer have the wrong priorities when it comes to superannuation.
A new superannuation tax on unrealised capital gains was prioritised over defending Australians’ retirement savings from cybercriminals by putting in place robust governance standards.
Over the last year, there has been a litany of governance failures by superannuation funds in relation to the payment of death and disability insurance claims, processing of death benefits and account overcharging. Many of the same funds are involved in the cybersecurity breach revealed today.
Shadow Treasurer Angus Tayor said the Treasurer has been missing in action when it comes to strengthening super fund governance and customer service standards.
"The multitude of super governance failures we've seen raises questions about whether similar failures have led to subpar cybersecurity measures,” Mr Taylor said.
“After high profile cyber breaches across Australia in late 2022, these super funds should have been on alert and implementing the highest security protections.”
Shadow Minister for Home Affairs and Cybersecurity Senator James Paterson said the Albanese government clearly did not realise how serious this incident was.
“It is extraordinary Anthony Albanese described the apparent theft of Australians’ retirement savings as just ‘a regular issue.’ This is a major cyber attack with very real consequences for victims. Australians deserve a strong Prime Minister who takes these attacks seriously and will act decisively to protect them,” said Senator Paterson.
Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said Australians trust their super fund to safeguard their hard-earned retirement savings.
“With the failures we have seen in relation to simple administrative matters like paying out insurance claims, Australians are right to be concerned whether appropriate cybersecurity defences were in place,” Mr Howarth said.
“Australians are paying the price for the Albanese Government’s inaction. The government waited until the last minute to announce it would start looking at service standards and failed to progress them before the election was called.”
Super funds need to deliver for their members as priority one, two, and three. Anything less is unacceptable and threatens the social license of super.
The Coalition is committed to a strong super system that supports Australians’ prosperity and retirement outcomes.
ENDS