Australian investment firm says no evidence of any unauthorised transaction, but is investigating potential data breach.
Financial services firm Generation Life has begun notifying customers of a potential data breach hours after its parent company, Generation Development Group, shared details of the incident in a report to the Australian Stock Exchange.
“I wanted to make you aware that we recently identified and contained a cyber incident involving an unauthorised party gaining access to part of our system via a third-party service provider,” the letter, sent on April 27 and on behalf of Felipe Araujo, Generation Life’s CEO, said.
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“This was detected quickly by Generation Life and immediately contained.”
The company confirmed with its customers that their investments were secure and its services remained operational, while its core systems were unaffected.
“At this stage, there is no evidence of any unauthorised transactions. We have however increased our transaction monitoring and controls as a precaution,” Generation Life said.
“We wish to assure you that there will not be an impact to the level of service you can expect from us, and we appreciate your support as we work to resolve this issue.”
The company, however, is continuing to investigate whether the incident compromised any customer data.
“We have engaged experts from across the cyber security industry to assist in this process and investigation,” Generation Life said.
“We have also notified the Australian Prudential Regulation Authority (APRA), the Australian Cyber Security Centre (ACSC), the Office of the Australian Information Commissioner (OAIC) and the National Office of Cyber Security (NOCS) of the incident.”
The ASX announcement by the Generation Development Group also added that the incident had “no impact to Evidentia Group or Lonsec Research & Ratings systems,” which are also operated by the company.
“If it is identified that any advisers or clients have been affected, they will be notified directly by Generation Life at the conclusion of that process,” the ASX notification said.
As of the time of publication, no threat actor or ransomware group has claimed responsibility for the incident.
Who is Generation Life?
Generation Life offers a range of investment services and products, including investment bonds, estate & retirement planning, and financial advice.
The company has offices in Sydney and Melbourne, and is part of the Generation Development Group, which is headquartered in Sydney.
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David Hollingworth
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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