Cbus struck by “unusually high spike in log-in attempts”

Cbus has truly verified its members had been moreover focused in an in depth strike on superannuation funds, with a “spike in log-in attempts” setting off multi-factor verification triggers for some prospects.

The fund said {that a} “small number of accounts may have been impacted” by the harmful process.

It said the accounts had been “proactively deactivated” which members “are being contacted”.

“This cyber incident occurred several days after the reported attack impacting several other super funds,” Cbus said in a statement.

“It is not clear if the incident is related to the other attacks and investigations are continuing.”

Cbus indicators up with AustralianSuper, Rest Super and Insignia Financial in being captured up within the occasion.

Insignia said late last week [pdf] {that a} system utilized by financial consultants was focused.

Cbus – and varied different funds consisting of AustralianSuper – said that the timing of the strike, accompanying substantial volatility in worldwide financial markets, had truly left them fielding excessive portions of inquiries from purchasers relating to account equilibriums.

Cbus said that its “unusually high spike in log-in attempts coincided with a time of significant market volatility potentially causing increased member engagement.”

AustralianSuper also suggested that account equilibrium issues had been most probably to be the end result of market actions as an alternative of the cyber occasion.

“If you see a reduction in your account balance you weren’t expecting, this does not necessarily indicate fraudulent or suspicious activity on your account,” the fund said.

“Global markets are experiencing much more volatility than typical.

“It’s important to remember that market ups and downs are a normal part of investing.”

AustralianSuper moreover taped a video clip with its CTO Mike Backeberg in search of to guarantee members of the occasion suggestions initiatives.