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Operation Honey Bee II will bring together industry, administrators, regulators, and government agencies to respond to a simulated cyber attack.
The superannuation’s Gateway Network Governance Body (GNGB) will take the lead, running a sector-wide cyber security exercise this week, putting Australia’s super industry to the test.
“We are pleased to be able to provide these opportunities for all types of organisations across the superannuation ecosystem to come together to explore real-world response strategies in a safe, collaborative setting and exercise our collective response capability,” Michelle Bower, GNGB CEO and exercise director, said in a 2 September statement.
The exercise, named after the honey bee for its collective work ethic, will test the ability of the industry and its stakeholders to respond to a significant attack on the $4.1 trillion superannuation industry.
“The initiative is designed to strengthen collective cyber resilience, test coordination capabilities and reinforce preparedness for increasingly complex and sophisticated cyber threats,” Mary Delahunty, CEO of the Association of Superannuation Funds of Australia, said.
Participants in the exercise will be able to identify strengths and weaknesses, uncover security gaps, and test communications and compliance under the pressure of the simulated attack.
“It is critical that we take these opportunities to train as a sector and ensure we have the strongest possible processes in place to respond to evolving cyber threats,” Blake Briggs, CEO of the Financial Services Council, said.
Earlier this year, the Australian Prudential Regulation Authority (APRA) warned the super industry that it needed to step up its cyber resilience.
“Although APRA has consistently emphasised the importance of robust cyber security, it is clear that current controls are not always commensurate with the evolving vulnerabilities and threats, nor with the criticality and sensitivity of the member data and assets they protect,” APRA said in a 10 July letter to board chairs.
APRA’s warning came after a credential stuffing attack in April saw hackers compromise the superannuation accounts of several thousand Australians.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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