Business
Cyberattack on Vietnamese stockbroker disrupts stock markets
Vietnam's third-largest stock broker, VNDirect, is still struggling to fully restore operations after suffering a cyberattack over the weekend.
The company announcement Wednesday that some of its services are back online. However, according to local media reports, investors still could not connect to the platform. VNDirect said it would restore access to its services in four stages, starting with customer accounts and ending with financial products.
Since parts of the system have just been restored and visitor numbers are high, account access issues may arise, the company said in a statement on Facebook. Please bear with us and reload the page another time, he added. The VNDirects website remains unavailable Wednesday evening local time.
The Hanoi Stock Exchange (HNX) announcement it temporarily disconnected remote trading and online trading of derivative securities transactions, debt instrument transactions and individual corporate bond transactions by VNDirect until the issue was resolved.
VNDirects' share price has fallen nearly 4% since the start of the week, according to Reuters. On Monday, trading volumes on another, larger Vietnamese market, the Ho Chi Minh City Stock Exchange, abbreviated HOSE or HSX, fell 10% as investors using VNDirect were unable to trade.
Vice Chairman of the National Securities Commission of Vietnam (SSC) said Reuters that it does not expect the attack to be contagious and that other local financial institutions are not at risk. He added that no other brokers were affected by the hack.
VNDirect based in Hanoi is holding the third market share of the Ho Chi Minh City Stock Exchange, with 7%. The company said its entire system was attacked by international hackers on Sunday, but with no impact on customer assets or data.
VNDirects CEO Nguyen Vu Long said the company was targeted by a group of professional hackers who encrypted data.
We have successfully decrypted the blocked data and are now starting the system restoration process, he said. added.
Several companies associated with VNDirect, including investment company IPA and equity investment fund IPAAM, have also been victims of cyberattacks. reported by local media. Their websites are still down.
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