The Gateway Network Governance Body (GNGB) has found Australia’s Superannuation Transaction Network (STN) to well positioned to withstand cyberattacks, but the industry still needs greater collaboration.
This was the result of key annual testing performed on 25 June, along with Deloitte and the superannuation gateway operators who responded to simulated threats based on real-world scenarios.
Michele Bower, GNGB executive officer, said cyber security was a priority for the sector.
“What we need to work on next is growing and expanding the collaboration between different members of the super ecosystem, because the whole is only as strong as its weakest member,” Bower said.
Sharing threat and response information and tactics would build additional resilience into the system.
“Bolstering the network of communication and collaboration is going to be a big focus for us over the next 12 months,” Bower said.
“Recent cyberattack events across Australian industry have shown that no matter how prepared we are, attacks can and do happen. Working together as an industry will make us all stronger.”
Participants in the test were the Australian Tax Office (ATO), and the gateway operators: ClickSuper, GBST, IRESS, MessageXchange, Oban, OZedi Sunsuper, SuperChoice and Westpac.
The event was attended by industry stakeholders the Australian Prudential Regulatory Authority (APRA), the Association of Superannuation Funds of Australia (ASFA), and the Financial Services Council (FSC).