The New Zealand Stock Exchange (NZX) website has gone offline for about three consecutive days due to cyber-attack and trading suspended.
27 August 2020 | AtoZ Markets – The COVID-19 pandemic creates a unique opportunity for cybercriminals to attack the network. Cybercrime has increased in recent months. The loss can be costly for any victim. All industries are affected, but some are more targeted than others. The New Zealand Stock Exchange (NZX) is the latest victim of cybercrime.
NZX Website Crashed Again After Cyber Attack
The New Zealand Stock Exchange website has been down again for three consecutive days due to cyber-attack which hit earlier in the week. This type of cyber attack is known as a distributed denial of service (DDoS). It overwhelms the online service with more traffic than the server or network can handle. It renders the website or service inoperable.
NZX suspended its cash market trading around 11:10 am due to network connectivity issues regarding earlier cyber-attack. The market will not reopen for the rest of the trading day.
"This decision not to reopen has made while we focus on addressing the situation. We continue to address the threat and work with cybersecurity experts. We are doing everything we can to resume normal trading tomorrow (28 August)," NZX said in its website.
Due to the following cyber-attack, NZX first decided to suspend trading in the cash market at 3:57 pm on 25 August 2020. And the NZX website went down on 26 August 2020 at 11:24 am and came back online at about 12:20 pm, but went offline again at about 1:20 pm and wholly restored at 3 pm.
In a statement earlier today, the exchange operator said: "NZX is continuing to work with its network provider [Spark] to investigate the source of the issue, following volumetric DDoS (distributed denial of service) attacks from offshore on 25 and 26 August."
Experts say the following cyber-attack cause the platform to fail. It is a severe attack on the country's critical infrastructure. And the fact that it happened on the third day shows a high degree of sophistication and determination.
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