Generation Life reports cyber attack

Generation Life is the victim of a cyber incident that involved a bad actor attempting unauthorised access via its third-party service provider, which has now been "contained".

"At this stage, there has been no evidence of impact on Generation Life's core systems and no evidence of unauthorised transactions. Generation Life's business continuity plan was immediately implemented and there was minimal disruption to its operations," parent company Generation Development Group (GDG) said.

"While this unauthorised access occurred through a third-party service provider, it was detected quickly by Generation Life and immediately contained."

Other subsidiaries Evidentia Group and Lonsec Research & Ratings were not affected.

Generation Life has engaged cyber security experts to assist in its response. It is also investigating the nature and scope of the unauthorised activity and verifying what information may have been impacted.

"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," GDG said.

APRA, the Office of the Australian Information Commissioner (OAIC), Australian Cyber Security Centre (ACSC) and National Office of Cyber Security (NOCS) have been notified of the incident.

Generation Life reported March-quarter sales of $375 million, up 57% on the prior corresponding period. Funds under management (FUM) increased to $5.3 billion, with $310 million coming in as net inflows.

FUM for Evidentia reached $34.8 billion, up 30% year on year.

"During the quarter, Division 296 legislation received Royal Assent and became law, representing a structural shift in the taxation of superannuation balances above $3 million," GDG chief executive Grant Hackett said.

"This is expected to further accelerate demand for tax-effective investment solutions outside superannuation, reinforcing Generation Life's long-term growth opportunity.

"The group is also monitoring potential changes to capital gains tax flagged ahead of the May Federal Budget, which may further influence investor behaviour and demand for tax-effective structures."