NZX was unable to deflect even the initial DDoS strikes, which were at lower levels, the authority writes. “DDoS attacks are not new, and, globally, have been increasing in intensity over time.” “We consider a DDoS attack was foreseeable and that an attack of sufficient magnitude to take down the servers was at least possible and should have been planned for,” the authority says in its report. The website outage was intermittent for four days while NZX worked with its ISP, Spark, to deflect the attacks (see: New Zealand Stock Exchange Trades Again After DDoS).Īlthough the Financial Markets Authority described the DDoS attack as “sophisticated, sustained and of very significant size,” the regulator refuted NZX’s position that it could not have foreseen that it would come under such an attack. NZX shut down trading after it could not publish those announcements. While the DDoS attacks did not directly affect its trading engines or clearing systems, NZX’s main website, including its Market Announcements Platform, were affected. The stock exchange also faced other technology-related problems last year, including trading volume issues that caused outages in March and April and an inability to accommodate trades of debt securities in August. NZX was hit with a series of volumetric distributed denial-of-service attacks in August 2020 as part of an extortion attempt.
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