As we journey through life, one of our primary goals is to work hard and accumulate enough wealth to live comfortably in retirement.

For most seniors, this goal is achieved through superannuation.

This system has become a vital part of retirement planning for Australians, and it's no wonder why - the thought of having funds secured in superannuation brings a sense of security and peace of mind to many seniors.

The hard work that many Australians have put in over the years to build their superannuation can be incredibly rewarding, but it can also be an inviting target for cybercriminals.

Superannuation fund NGS Super is the victim of a cyber attack, raising questions about the safety and security of Australian superannuation funds.

The superannuation fund emailed its members on Monday afternoon, informing them that on March 17 a cyber attacker successfully accessed its corporate IT system.

This promptly triggered several cybersecurity protocols, including enhanced network monitoring, shutting down the network and minimising the spread of the attack. However, investigations have revealed that some limited data was taken in the attack.

NGS Super informed the public of a cyber attack incident, which resulted in the ‘exposure’ of limited data. Credit: Pexels/Pixabay.

The fund said in a statement: ‘Investigations to date have revealed that some limited data was taken from our system during the attack.’

‘We will be issuing further communications to members whose information has been impacted by the incident.’

The number of NGS Super members who had their data stolen and the specific type of data that was compromised has not been disclosed by the company. However, the fund has over 112,000 members and almost 16,000 employers, so the scale of the attack could be significant.

NGS Super also confirmed that no ransom was requested by the cyber attacker.

The fund has apologised for the incident and reassured its members that their superannuation savings have remained secure throughout the attack.

NGS remarked: ‘We would like to emphasise that NGS takes cyber security and privacy of all personal information seriously.’

‘We sincerely apologise this has happened. You can be assured we remain highly alert and continue to monitor our systems for signs of any suspicious activity.’

‘We are taking all reasonable steps to prevent this from happening again. We are continuing to work with cyber security experts, regulators and stakeholders to limit the impact of this incident and mitigate risk.’

‘The actions we've taken to date and will continue to take have secured superannuation savings of our members as well as the fund's assets.’

Some members have criticised them for not advising of the cyber attack until ten days after it occurred, but according to a spokeswoman for NGS Super, the reason for the delay was to ensure that a comprehensive investigation could be carried out.

Key Takeaways

• Superannuation fund NGS Super was the victim of a cyber attack, raising concerns about the safety of Australian seniors' superannuation funds.
• The fund revealed that limited data was taken during the attack and has informed its members of the breach.
• NGS Super has over 112,000 members and 16,000 employers, potentially making the scale of the attack significant.
• NGS Super apologised for the incident and reassured its members that their superannuation savings remained secure during the attack.

It’s a terrifying thing to consider, but hacking is, unfortunately, a reality we need to be aware of.

Considering how much senior Australians rely on the security of their superannuation, it’s important to stay as up-to-date as possible on the latest scams and threats to ensure your savings stay safe.

What are your thoughts on this, folks? Do you think it’s fair that the fund only informed its members ten days after the attack? Are you a member of NGS Super? Share your thoughts with us in the comments below.

 

[Cheezil]

Only a matter of time before an illegal cyber attack on super is successful with so much $ tied up in super. If successful & customers lose money due to no fault of their own, then what? Do these companies refund it all? Does insurance cover this or what?
Thats bad enough, but the legalized robbers are still getting their mitts on our super in the form of admin fees/charges, insurances, etc!

 

[terri]

Time for these cyber attacks to stop. These targets need to do something before the attack, not after. It is such a hard thing to understand that everything is so susceptible.

 

[Chul]

As we journey through life, one of our primary goals is to work hard and accumulate enough wealth to live comfortably in retirement.

For most seniors, this goal is achieved through superannuation.

This system has become a vital part of retirement planning for Australians, and it's no wonder why - the thought of having funds secured in superannuation brings a sense of security and peace of mind to many seniors.

The hard work that many Australians have put in over the years to build their superannuation can be incredibly rewarding, but it can also be an inviting target for cybercriminals.

Superannuation fund NGS Super is the victim of a cyber attack, raising questions about the safety and security of Australian superannuation funds.

The superannuation fund emailed its members on Monday afternoon, informing them that on March 17 a cyber attacker successfully accessed its corporate IT system.

This promptly triggered several cybersecurity protocols, including enhanced network monitoring, shutting down the network and minimising the spread of the attack. However, investigations have revealed that some limited data was taken in the attack.

NGS Super informed the public of a cyber attack incident, which resulted in the ‘exposure’ of limited data. Credit: Pexels/Pixabay.

The fund said in a statement: ‘Investigations to date have revealed that some limited data was taken from our system during the attack.’

‘We will be issuing further communications to members whose information has been impacted by the incident.’

The number of NGS Super members who had their data stolen and the specific type of data that was compromised has not been disclosed by the company. However, the fund has over 112,000 members and almost 16,000 employers, so the scale of the attack could be significant.

NGS Super also confirmed that no ransom was requested by the cyber attacker.

The fund has apologised for the incident and reassured its members that their superannuation savings have remained secure throughout the attack.

NGS remarked: ‘We would like to emphasise that NGS takes cyber security and privacy of all personal information seriously.’

‘We sincerely apologise this has happened. You can be assured we remain highly alert and continue to monitor our systems for signs of any suspicious activity.’

‘We are taking all reasonable steps to prevent this from happening again. We are continuing to work with cyber security experts, regulators and stakeholders to limit the impact of this incident and mitigate risk.’

‘The actions we've taken to date and will continue to take have secured superannuation savings of our members as well as the fund's assets.’

Some members have criticised them for not advising of the cyber attack until ten days after it occurred, but according to a spokeswoman for NGS Super, the reason for the delay was to ensure that a comprehensive investigation could be carried out.

Key Takeaways

• Superannuation fund NGS Super was the victim of a cyber attack, raising concerns about the safety of Australian seniors' superannuation funds.
• The fund revealed that limited data was taken during the attack and has informed its members of the breach.
• NGS Super has over 112,000 members and 16,000 employers, potentially making the scale of the attack significant.
• NGS Super apologised for the incident and reassured its members that their superannuation savings remained secure during the attack.

It’s a terrifying thing to consider, but hacking is, unfortunately, a reality we need to be aware of.

Considering how much senior Australians rely on the security of their superannuation, it’s important to stay as up-to-date as possible on the latest scams and threats to ensure your savings stay safe.

What are your thoughts on this, folks? Do you think it’s fair that the fund only informed its members ten days after the attack? Are you a member of NGS Super? Share your thoughts with us in the comments below.

Thanks for letting us know that.

 

[Ricci]

I had never heard of NGS super but that is really of no consequence, if they can breach a relatively small company I wonder how secure the larger ones are? I would like to think that they, and by extension me, are safe. That my money is secure and my personal details are safe. Surely that's not too much to ask is it?
Maybe it's time for a whole of industry solution, individually they are less secure. Maybe it's also time for Nations to get behind a policing initiative, let's all work together to shut these bastards down.

 

[Macarj]

I think we oldies should go back to putting our money under the mattress
Lets see scammers get it then

 

[Cheezil]

I think we oldies should go back to putting our money under the mattress
Lets see scammers get it then

Gotta wonder sometimes!

 

[Luckyus]

I think we oldies should go back to putting our money under the mattress
Lets see scammers get it then

Either that or when you catch one of them, just shoot the bastard and every other one you catch, then maybe they'll get the idea. Originally super annulation was a con or snow job dreamt up by the Labour party meant for the worker to create his own pension system thereby freeing up taxpayer pension funding for other nefarious works?