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Ricky Wilson / Stuff
NZX was the target of cyberattacks for four consecutive days last week.
The New Zealand stock market website crashed on Monday shortly after NZX claimed contingency agreements were in place to allow trading to continue in the event of another cyber attack.
Trading in the New Zealand stock market was disrupted on Tuesday, Wednesday, Thursday and Friday as a result of a sustained cyberattack on NZX, a publicly traded company responsible for operating the stock market.
Shortly after 10 a.m. on Monday, the website went down again.
Moments before the latest crash, NZX CEO Mark Peterson said that the cyber attacks were among the largest, most resourceful and sophisticated ever seen in New Zealand.
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Peterson said the volumetric DDOS (distributed denial of service) attacks affected NZX’s ability to serve market announcements to the public.
“NZX has been informed by independent cyber specialists that last week’s attacks are among the largest, most resourceful and sophisticated they have ever seen in New Zealand,” Peterson said.
During the attacks, NZX stopped the market to maintain the integrity of the market, it said.
NZX had agreed with the Financial Markets Authority contingency arrangements for publication and access to market announcements, it said.
This was intended to allow trading to continue in the event that the NZX website went offline.
Markets would open Monday morning under the new deals, he said.
Peterson said NZX was working with its network service provider Spark and national and international cybersecurity partners, including the Government Communications Security Bureau (GCSB).
“Akamai Technologies, one of the world’s leading cyber defense experts, has also been working to implement additional measures.”
In a blog post on Aug. 17, Nasdaq-listed online content delivery giant Akamai Technologies said attackers calling themselves Fancy Bear and Armada Collective were targeting the banking, financial and retail sectors and making lawsuits. of extortion.
The organizations were sent a threatening email, warning of an imminent DDOS attack against their company unless a ransom was paid in Bitcoin, Akamai said.
“The group posing as the Armada Collective / Fancy Bear had been able to flood victims with bogus web requests at a speed of 200 gigabits per second to flood their online services,” he said.
“The extortion lawsuits are similar to those used by DDoS ransomers in the past.”
Akamai said that previous ransom demands had started at up to 20 Bitcoin (NZ $ 341,140) and increased to 30 Bitcoin per day if the payment deadline was missed.
On Monday, the NZX began its usual procedure of publishing company announcements from 8.30 a.m. your query indicates when markets are “read-only”, which means orders cannot be entered, deleted, or modified.
At 9 a.m. M., The market enters its pre-opening session, where traders can do anything except trade.
At 10 in the morning, the market opens for regular trading.
On Friday, the NZX website crashed around 9.45am and did not open for trading until 1pm.
