Gateway Network Governance Body (GNGB) is an industry-owned, self-regulatory body, which looks after the Superannuation Transaction Network, a system made up of “gateways” routing, switching and packaging data between employers, super funds and the ATO.
In an address to the Association of Superannuation Funds of Australia (ASFA) on Wednesday morning, GNGB executive officer Michelle Bower pitched a unified approach to cybercrime across the super industry.
The call to action has come after the Australian Federal Police confirmed it is investigating fraud committed through the early release scheme, where up to 150 fund members had $10,000 withdrawn from their accounts.
Ms Bower noted that while the high level of regulation around super funds adds to their security, the system is made up of a number of parties, from members and their employers, through to payroll, clearing houses, custodians, gateways, the ATO and funds. Cyber security weaknesses could lie at any point along the chain – leaving member data vulnerable.
“Experiences from other industries illustrate that the sharing of threat and vulnerability intelligence significantly impacts the ability to defend against criminal activity,” she said.
“What we’re seeing now, unfortunately, reinforces that the system is only as good as its weakest link.”
She added member communications will have a role in building resilience against fraud.
“Funds who are trusted by their membership base, have a very powerful opportunity to raise awareness of the data security issues facing members, and help [members take] steps to ensure their own data safety,” Ms Bower said.
“This trusted relationship becomes especially important in times of crisis so that funds can communicate swiftly and clearly with their members. Security-aware members can contribute to the overall security posture of the industry.”
It has called for super industry providers to make submissions to its security committee, which has examined data issues since its inception in February last year.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
