New Zealand's NZX Stock Market Hit Five Times

Uploaded on 2020-09-03 in FREE TO VIEW

New Zealand’s stock market (NZX) was hit by a fifth cyber-attack this week, its website crashed, but the market maintained trading by changing to a back-up plan. The previous week the market was down most of the time because of four attacks which it is believed came from overseas.

A spokesman for NZX confirmed the website was down, but said trading on its platform, which began at 10.00 a.m. local time (2200 GMT), was continuing as usual through the contingency arrangements. He declined to comment on who was behind the attacks, whether there had been any extortion demand or what measures have been put in place to stop future attacks.

“NZX has been advised by independent cyber specialists that the attacks last week are among the largest, most well-resourced and sophisticated they have ever seen in New Zealand,” NZX’s Chief Executive, Mark Peterson said.

NZX said its core trading platforms were not hit in last week’s attacks but the public facing website crashed, affecting the exchange’s ability to publish market announcements. “At those times, NZX made the decision to halt the market in order to maintain market integrity,” it said.

The Government does not have any clues yet on who might be behind cyberattacks on the NZX, Radio NZ and Stuff, GCSB Minister Andrew Little says. The New Zealand government is working with Five Eyes, UK, Australia, US and Canada, to investigate the attacks.

It is believed the criminals claimed in ransom notes sent to some victims ahead of attacks that they were associated with a notorious Russian group called Fancy Bear but this could have been a fake. It is more likely the hackers have commercial/theft motives rather than government state hacking reasons.

Reuters:          Stuff:          RNZ:            NZ Herald: 
 
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