Quick Read
- HESTA CEO Debby Blakey will step down by July, prompting a leadership transition.
- The fund is increasing its focus on cybersecurity and risk management after a recent outage.
- The outage hindered members’ access to accounts and drew scrutiny from APRA.
- APRA cited issues with risk management and board governance as contributing factors to the service disruptions.
- HESTA emphasizes protecting member superannuation investments from cybercrime.
MELBOURNE (Azat TV) – HESTA, one of Australia’s largest superannuation funds, is intensifying its focus on cybersecurity and robust risk management strategies as Chief Executive Officer Debby Blakey prepares to step down from her role. This heightened emphasis follows an operational outage that significantly impacted members’ access to their accounts and prompted scrutiny from the Australian Prudential Regulation Authority (APRA).
The upcoming leadership transition, with Blakey expected to depart by July, coincides with the fund’s renewed commitment to safeguarding its members’ investments from growing cyber threats and ensuring uninterrupted service. HESTA’s public communications underscore its dedication to protecting superannuation, which is often a primary target for criminals, from cybercrime.
HESTA Outage Prompts APRA Scrutiny and Risk Management Review
The urgency around HESTA’s cybersecurity and operational resilience has been underscored by a recent outage during which numerous members experienced difficulties accessing their superannuation accounts. These disruptions reportedly hindered members’ ability to make payments for essential services, including surgeries, home deposits, and nursing home fees. Reports also indicated long wait times for members seeking assistance, compounding their frustrations.
In response to ongoing media attention and inquiries from Senator Jane Hume, the Australian Prudential Regulation Authority (APRA) took action in December 2025, pointing to issues related to risk management and board governance as contributing factors to the service transition problems. Margaret Cole, APRA’s deputy chair, emphasized the critical need for well-managed service transitions, stating that disruptions should not compromise members’ access to their accounts.
Leadership Change Amid Focus on Member Protection
Debby Blakey, who has led HESTA for over a decade, announced her decision to step down from her position. Reflecting on her tenure, Blakey expressed gratitude for the opportunity to lead the fund and praised the support from the board and her colleagues. She affirmed her commitment to ensuring a smooth leadership transition that prioritizes the long-term outcomes for HESTA’s more than one million members.
While Blakey’s leadership has been commended by industry figures like Mary Delahunty, Chief Executive of the Association of Superannuation Funds of Australia (ASFA), for her advocacy in equity and diversity, her departure comes at a pivotal time for HESTA. The fund is currently navigating increased scrutiny over its operational resilience and the imperative to protect member assets against sophisticated digital threats.
The Critical Role of Cybersecurity for Superannuation Funds
The incidents at HESTA highlight the broader challenges faced by superannuation funds in an increasingly digital landscape. With members’ retirement savings representing substantial financial targets, robust cybersecurity measures and resilient operational frameworks are paramount. Funds must not only defend against external cyberattacks but also ensure internal systems and service transitions are managed flawlessly to prevent any compromise to member access and financial security.
HESTA’s ongoing efforts to enhance its cyber safety protocols and provide resources to members reflect a proactive stance in addressing these vulnerabilities. The search for Blakey’s successor, with an announcement anticipated by July, will likely focus on a leader capable of steering the fund through these complex challenges, reinforcing trust, and delivering on the promise of a secure financial future for its members.
The confluence of leadership change and heightened regulatory oversight following operational issues underscores the non-negotiable importance of advanced cybersecurity and risk management for superannuation funds like HESTA, particularly in an era where digital access and protection directly impact members’ financial well-being.