New Zealand Stock Exchange Shut Down For 2 Days After Cyberattack

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New Zealand's stock exchange was halted for the second consecutive day after a cyber attack.

New Zealand's stock exchange was halted for the second consecutive day after a cyberattack, according to Markets Insider.

The New Zealand Stock Exchange released a statement on Tuesday and Wednesday confirming that the exchange had been a target of hackers, and faced a "volumetric distributed denial of service" (DDoS) attack.

"The systems impacted included NZX websites and the Markets Announcement Platform. As such, NZX decided to halt trading in its cash markets at approximately 15.57," the exchange said on Tuesday.

The hackers attacked again on Wednesday around 11 AM local time. The exchange remained offline until 3 PM. "This morning NZX experienced a further disruption similar to yesterday's related to a DDoS (distributed denial of service) attack." the exchange said. "A DDoS attack aims to disrupt service by saturating a network with significant volumes of internet traffic."

"It [the DDoS attack] indicates whoever's doing the attacking is probably significantly skilled. These are quite sophisticated gangs and thinking along the lines of mafia type people is about right really, you're not really able to do this on a shoestring," Auckland University of Technology Professor Dave Parry said.

"Unfortunately the skills and software to do this are widely available and the disruption of COVID and people working from home all over the world potentially with lower security on their computers means that these attacks are easier than usual."

The location of the hackers is unknown.

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