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Friday, 28 August 2020 15:17

NZ takes action over stock market cyber attacks

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PHOTO : BBC

 

 

New Zealand's communications security bureau has been called in to help after its stock exchange was hit by cyber attacks for the fourth consecutive day. The exchange failed to open as planned on Friday due to so-called "distributed denial of service" (DDoS) attacks. The $135bn (£102bn) market, which is nearing a record high, has said the attacks came from overseas. The exchange's website was overwhelmed by the cyber attacks, forcing it to halt trading. The stock market operator NZX said its networks had crashed due to the cyber attacks, which originated overseas. DDoS attacks are designed to knock a website offline by flooding it with huge amounts of requests until it crashes. Such attacks are relatively simple in nature and rely on their sheer scale to be effective. Other than saying that the attacks were from overseas, NZX has yet to comment on their source or whether any demands have been made. The disruptions to trading in New Zealand have come at a particularly bad time for investors as it is currently in a busy company earnings season//BBC

 

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