A series of coordinated cyberattacks has hit some of Australia's largest pension funds, compromising tens of thousands of member accounts and resulting in financial losses for several individuals, according to sources familiar with the situation.

National Cyber Response Underway

Michelle McGuinness, Australia's National Cyber Security Coordinator, confirmed that cybercriminals have targeted the country's A$4.2 trillion (US$2.63 trillion / RM11.6 trillion) retirement savings sector. Authorities are now coordinating a nationwide response involving government agencies, industry regulators, and pension providers. The full extent of the breach is still being assessed.

AustralianSuper: Largest Fund Hit with Fraud

AustralianSuper, the country's biggest superannuation fund managing A$365 billion for 3.5 million members, acknowledged that hackers accessed up to 600 member accounts using stolen passwords. The fund has since locked the affected accounts and notified the impacted members.

One insider revealed that four members lost a combined A$500,000, with the funds transferred to unauthorized accounts. AustralianSuper did not immediately comment further on the situation. 

Other Major Funds Also Affected

Government Reacts to Growing Cyber Threats

Prime Minister Anthony Albanese has been briefed on the attacks and said a "considered" government response is in progress. He acknowledged that cyberattacks are now a frequent issue in Australia, with one occurring approximately every six minutes.

Recent high-profile breaches have also affected organizations like St Vincent's Health, Medibank, and Optus, highlighting the ongoing threat to both public and private sectors.

To strengthen national cybersecurity, the government in 2023 pledged A$587 million toward a seven-year cybersecurity strategy, aimed at protecting citizens, businesses, and public institutions from escalating digital threats.