Today there are media reports about an unknown number of superannuation fund members who have lost thousands of dollars of their retirement savings in what appears to be a co-ordinated cyberattack on superannuation funds.  We are not aware of any of our clients being impacted.  However, we wanted to reach out to provide you with an update and how you can ensure your accounts are secure.

What happened?

While we don’t have all of the information, this was a cyber incident of the ‘Credential Spoofing’ variety. Basically, the attackers have obtained a large number of people’s details including their passwords from another website and are then trying to use those details to log into things like their banks and super funds to access money.

What does this mean for you?

When you are using online logins, you should always use two-factor authentication (2FA) if you are able to (not all companies provide this, but it is becoming mainstream).  This provides an extra layer of security.  Where there isn’t 2FA available, you should ensure your password:

• Is sophisticated (multiple characters, letters, numbers, symbols)
• Is unique (different for each login)
• Is changed regularly

If you have any questions regarding this incident or how you can protect yourself further, please contact our office on 07 4924 9100.