Australia’s largest pension funds have been hit by a wave of coordinated cyberattacks, compromising more than 20,000 accounts and leading to significant financial losses for some members, including a reported theft of A$500,000 from four individuals.
According to a source familiar with the matter, hackers infiltrated multiple funds, including AustralianSuper, Australian Retirement Trust, Rest, Insignia, and Hostplus—some of the country’s biggest retirement savings institutions, managing a combined total of over A$873 billion.
AustralianSuper, which manages A$365 billion for 3.5 million members, confirmed that hackers accessed around 600 member accounts using stolen passwords.
