Superannuation - Rich opportunity for cyber criminals?

Perspectives

Superannuation: Still a rich opportunity for cyber criminals? – 2020 edition  

Raising the bar in prevention, detection and response

Over the past decade, cybercrime has affected financial institutions and their consumers with increasing sophistication, frequency and impact. Large account balances, low member engagement and low cyber maturity makes the superannuation (super) industry an attractive outlier for cyber criminals, leading to a growing cybercrime challenge for the industry.

Over the past decade, cybercrime has affected financial institutions and their consumers with increasing sophistication, frequency and impact. Large account balances, low member engagement and low cyber maturity makes the superannuation (super) industry an attractive outlier for cyber criminals, leading to a growing cybercrime challenge for the industry.

On a regular basis the phone rings at Deloitte Cyber HQ for us to respond to a client that has had a cyber incident. Our response team duly grabs their packed bags to head out to the client site and begin the process of investigation. Over the years, the nature of these responses has changed. In the early years, breaches were occasional and tended to be singular incidents of data theft. In 2019 we’ve seen new methods of attack and growing sophistication of cyber activity against super funds, as part of coordinated campaigns that combine physical and virtual attacks to commit fraudulent withdrawals and rollovers.

In this updated outlook for 2020, we've considered:

  • What makes super funds an attractive prospect for cyber criminals
  • How a cyber attack can lead to fraud in super, including the latest trends from 2019
  • The convergence of cyber monitoring and forensic analysis
  • The analytic capabilities to consider
  • Raising the bar in risk management.

Superannuation – Still a rich opportunity for cyber criminals?

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