How we’re protecting our members

08 Dec 2023 4 min read

NGS has been asked by the Australian Prudential Regulation Authority (APRA) to undertake some additional actions in relation to our compliance with CPS 234. CPS 234 refers to APRA’s cybersecurity standards.

Ensuring all super funds are doing everything possible to benefit and protect members is an integral part of APRA’s role. We understand and respect this and are working with APRA to meet the fund's requirements.

We have reviewed our processes and acted to further strengthen the protection of our members’ data. We’ve already implemented enhanced cyber controls across the fund, and we’ll continue to do so to maximize the protection of data.

We remain confident of the actions we’ve taken and continue to take, following a thorough review of our cyber security. We’re also committed to working with APRA and an independent party to provide assurance that the actions we’ve taken address the requirements of CPS 234.

If you have any questions, please call our Helpline on 1300 133 177. The Helpline is available Monday to Friday, 8am-8pm (AEST/AEDT).

What licence conditions has APRA imposed on NGS?

Does this mean NGS was non-compliant with CPS 234?

Why does APRA have to impose these conditions? Was NGS not supplying the right information?

Is this proof that your cyber breach was because the fund didn’t have the right protection in place to begin with?

What is the cost of having to engage more third-parties to protect? Will this impact members’ fees?

What is a tripartite review?

You have said that you refocused your fund strategy in 2022 to elevate attention on operational excellence – Do these imposed conditions undermine this strategy or your ability to implement?

Are members' funds still safe?

Is member data now safe?

Is the fund still able to operate?

How long will these conditions be in place?

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