Australia's Council of Financial Regulators steps up monitoring of market volatility and superannuation cyber-attacks

Australia's Council of Financial Regulators published a statement following its 9 April meeting, where members and the Australian Treasurer reviewed recent financial market and global economic developments and agreed to maintain close cooperation in monitoring conditions. The Council expected uncertainty to persist for some time and noted higher global financial market volatility, while judging the Australian financial system to be strong and resilient with banks maintaining strong capital and liquidity. Cyber and operational resilience was also discussed following an update on recent cyber-attacks affecting certain superannuation funds. The Council emphasised the need for all superannuation funds to maintain strong information security controls, including implementing multifactor authentication to protect member accounts, and to proactively engage with members on measures being taken, with ongoing coordination planned with the Government and superannuation trustees. The Australian Competition & Consumer Commission (ACCC) participated in the discussion as an invitee.