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New Zealand's stock market sees the fourth day of cyber disruption



(Reuters) – The New Zealand Stock Exchange resumed trading on Friday after being disrupted for four days following cyberattacks this week, while the government said national security systems had been activated to support the stock market.

There is no clarity about who was behind these two "offshore" attacks, but the failure to stop them has raised questions about New Zealand's security system, experts said.

NZX Ltd had to stop trading until Friday afternoon, after crashing earlier due to network connectivity issues marking the fourth day of trading.

Finance Minister Grant Robertson said the government's communications security agency and the national agency fighting cybercrime had been called in to help the bourse.

"I can" I do not go into specific details other than to say that we as a government are taking this seriously, "Robertson said in a Wellington media briefing.

NZX w which was hit on Tuesday and Wednesday by distributed service attacks, a common way to disrupt a server by flooding it with a flood of internet traffic.

The attacks forced NZX to stop trading in its cash markets and disrupted operations in its debt market, Fonterra Shareholder Market and derivatives market.

"Four days in a row becomes frustrating and quite disruptive," says Jeremy Sullivan, investment adviser at broker Hamilton Hindin Greene in Christchurch.

Activity is very low but institutional retailers can still put "negotiated deals" through the market by talking directly to each other, he added.

"The market is physically capable of running, they have stopped it so that people are not disadvantaged by the site is down, which has essential information about it."

After the crash earlier on Friday, NZX had said that they had " experienced connectivity issues that appear to be similar to those caused by severe DDoS being attacked from offshore this week. "

It did not provide information on the source or effect of the attack.

"We can see that Internet traffic came through the global gateway, therefore we know that it originates offshore, but it is almost impossible to identify where it originated from," Network Service Provider Spark told Reuters.

New Zealand, a relatively small economy with a population of five million, is not often the target of such attacks but neighboring Australia increased its cybersecurity this year after an increase in similar incidents.

Australia said it would spend 1

.66 billion Australian dollars ($ 1.19 billion) over ten years to strengthen cyber defense.

The Central Bank of New Zealand has said that cyberattacks could wipe out about 2% – 3% of profits from the banking and insurance industry each year.

“The first attack can happen at any time. But being attacked four days in a row raises some questions, "said Rizwan Asghar, senior lecturer at the School of Computer Science, University of Auckland.

" The real question is what resources have been allocated and the threshold to protect against these attacks?

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