Several of Australia's largest pension funds have recently been under suspected cyberattacks, exposing sensitive personal data and leading to confirmed financial losses in some cases.

AustralianSuper, the country's biggest fund, confirmed that hackers used stolen passwords to access around 600 accounts, resulting in a reported A$500,000 loss from four members.

Rest Super, which manages A$93 billion for two million members, reported unauthorised access affecting about 8,000 accounts.

The fund quickly shut down its member portal and launched an investigation, stating that while personal information was accessed, no money was taken during the incident.

Other major superannuation providers, including Hostplus, Australian Retirement Trust (ART), and Insignia Financial, also reported suspicious activity.

ART detected login attempts across hundreds of accounts but confirmed no theft, while Insignia acknowledged attempted breaches with no reported losses.

Authorities believe the attacks were primarily conducted using 'credential stuffing,' a method where attackers use passwords leaked in unrelated breaches to access other platforms.

Here, the continued risks of weak password reuse are highlighted, as well as the importance of additional protections like two-factor authentication.

In response to the breaches, the National Cyber Security Coordinator of Australia, Michelle McGuinness, has initiated a government-wide review in cooperation with regulators and industry representatives.

Prime Minister Anthony Albanese addressed the attacks, reaffirming his administration's commitment to strengthening cybersecurity defences.

Superannuation funds are contacting affected members and urging all users to update their credentials and take additional precautions.