Super Fund Breach Risk Growing with Online Access
FINANCIAL PRIVACY—AUSTRALIANovember 18, 2011
The Sydney Morning Herald reports that the October announcement of a data breach at fund management company First State Super has shone a light on the potential vulnerabilities in online member access systems of superannuation funds. The funds management industry argued for concessions from money-laundering and counterterrorism financing laws when they were formed, but as the industry changes in the way it engages with members, data breaches and identity theft become more likely, says industry expert Michael Rice. A 2011 Verizon study showed that most breaches were a result of hackers taking advantage of "weak or absent access controls at an organisational level."