Trading on New Zealand’s stock exchange was halted for several hours on Wednesday after what appeared to be a second offshore cyber attack in as many days, bourse operator NZX Ltd (NZX.NZ) said.
Experts Comments
August 27, 2020
The DDoS attack on the New Zealand stock exchange is an incredibly serious incident that shows just how much havoc hackers can cause on a national scale, even with attack techniques that are relatively well known. There are suggestions that nation state hackers are behind this attack. Whether they are or not, it demonstrates how cyber crime can hit right at the heart of a country's operation. While a stock exchange might not be what we traditionally consider to be ‘critical national.....Read More
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August 31, 2020
The incident in New Zealand underscores the threat of disruption to critical financial infrastructure. Destructive or disruptive attacks against exchanges could have cascading effects across the economy and ultimately this approach may be more successful than attacks on the energy sector and other industries. Iranian actors have carried out denial of service attacks against the financial sector in the past, but did not target exchanges or succeed in seriously disrupting major financial sector.....Read More
August 27, 2020
This latest attack again highlights the risks posed by threat actors, who can use cyberattacks to try to cripple important financial infrastructure at a national scale. In this case, it’s likely attackers facilitated the DDoS style attack through the use of botnets. The evolution of attack types emitting from botnets has been rapid over recent years and is unlikely to slow down.
Financial services platforms are often robustly protected with an array of products and services attempting to.....Read More
August 26, 2020
As the world becomes increasingly connected, more defenses are required to protect against the bombardment of attempts to take down a site. DDoS attacks are common threats that can usually be avoided with the correct mitigation techniques. However, when a site experiences a massive influx of traffic that it is not prepared for, even huge organisations can be knocked off their feet relatively easily – and for long periods of time.
One common mistake organisations make is to underestimate the.....Read More
August 26, 2020
This may be a rehearsal of a major attack targeting NASDAQ or LSE amid the craziness going on the global stock markets. I don’t think that major cyber gangs have their own interest in, or were hired by someone to conduct a DDoS capable of repeatedly shutting down NZX. While even a daily outage of NYSE can lead to multibillion losses around the globe, and probably even some bankruptcies and countless lawsuits.
Unfortunately, not much can be done to prevent large-scale and well-prepared DDoS.....Read More
August 27, 2020
This latest attack again highlights the risks posed by threat actors, who can use cyberattacks to try to cripple important financial infrastructure at a national scale. In this case, it’s likely attackers facilitated the DDoS style attack through the use of botnets. The evolution of attack types emitting from botnets has been rapid over recent years and is unlikely to slow down.
Financial services platforms are often robustly protected with an array of products and services attempting to.....Read More
August 27, 2020
The threat to critical infrastructure continues to become more severe and sophisticated as the years go on, but the two day distributed denial of service (DDoS) attack on the New Zealand stock exchange proves just how serious the issue is becoming.
There are various motivations behind DDoS attacks, including political, ethical or extortion tactics and they have been commonly disregarded as a major cyber security issue within the industry. Due to the fact that DDoS attacks don’t steal.....Read More
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@Jamie Akhtar, CEO and Co-founder, provides expert commentary at @Information Security Buzz.
"Any industry that is transitioning to a total reliance on technology needs to make security a number one priority...."
#infosec #cybersecurity #isdots
https://informationsecuritybuzz.com/expert-comments/expert-insight-on-new-zealands-stock-exchange-hit-by-second-cyber-attack