Cyber attackers hit website of New Zealand Stock Exchange

Cyber attackers have downed the website of the New Zealand Stock Exchange for the fifth day in a row.

The attack, which started last week hit the bourse’s ability to operate normally.

The cyber bullies hit the website repeatedly by distributed denial of service (DDoS) attacks, a common way to disrupt a server by overwhelming it with a flood of internet traffic.

But on Monday, despite the online disruption, trading was unaffected.According to Reuters, the disruption came about an hour after NZX Ltd said it had agreed with the Financial Markets Authority (FMA) on a back-up plan for the release of market announcements in the event of another attack.

The measure would allow it to keep local markets open.

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.

The attacks affected NZX’s ability to publish market announcements to the public, forcing it to halt trading in order to maintain market integrity, it said.

The closures halted share market trading and disrupted operations in its debt market, Fonterra Shareholders Market and derivatives market.The bourse said it is working with its network’s service provider, Spark, government cybersecurity agencies, and a U.S.-based cybersecurity firm Akamai Technologies (AKAM.O) to implement additional security measures.

“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 in a statement on Monday.

*Source: Reuters/NAN

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