Superannuation - Rich opportunity for cyber criminals?
Raising the bar in risk management
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 recent years however, we’ve noticed a significant rise in incidents where a cyber event has then led to the client’s own staff being manipulated or coerced to make a fraudulent payment.
In this report, we've considered:
- What makes super funds an attractive prospect for cyber criminals
- How a cyber attack can lead to fraud in super
- The convergence of cyber monitoring and forensic analysis
- The analytic capabilities to consider
- Raising the bar in risk management.
Published: November 2018