NZX Services Continue Despite DDoS Attacks on Monday

New Zealand Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term, NZX, has continued to face cyberattacks today but managed to continue trading with disruptions in few services.

Trading services on the stock exchange continued 'without a blip' from 10 am local time. However, the attacks prevented the investors to see company announcements and even prices.

A spokesperson from the exchange also confirmed that it has arrived at a contingency arrangement with the Financial Markets Authority (FMA) for the release of, and access to, the market announcements in case of any fresh attacks. However, the nature of the agreement was not revealed.

Not Ready for Handling Attacks of Such Scale

The NZX has been suffering from the distributed-denial-of-service (DDoS) attacks since last Tuesday for the last four trading sessions, which significantly impacted its services. This type of attack floods the servers with bogus requests and thus interrupts its services.

According to many reports, the attacks are being made by the Russian hacker group Fancy Bear, which is behind many high-profile cyber hacks with alleged links to the Russian spy agency, and are said to be asking for a hefty ransom in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

However, the exchange did not confirm its intention to cooperate with the hackers.

In the latest statement, NZX said that it “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 is working with several private agencies and cyber defense experts from Akamai Technologies to find a solution against the continued attacks on its systems.

Finance Magnates earlier reported that New Zealand’s communications security bureau (GCSB), which was formed to protect the country from any cyber-borne threats, also jumped in to protect the private organization from the attacks.