First cyberattack on Vietnamese market poses little risk of spread, according to regulator

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First cyberattack on Vietnamese market poses little risk of spread, according to regulator
First cyberattack on Vietnamese market poses little risk of spread, according to regulator

According to the market regulator, the first cyberattack on a Vietnamese brokerage has not put financial institutions in danger; the country’s third-largest securities firm was halted over the weekend after being targeted.

Financial institutions are not at risk from the first cyberattack on a Vietnamese brokerage, according to the market regulator, who halted the country’s third-largest securities firm after it was targeted over the weekend.

VNDirect (VND.HM), Vietnam’s third-largest broker by transaction volume on the Ho Chi Minh City market, has been disconnected from the trading system since Monday.

“We do not see any risk of contagion,” Pham Hong Son, vice chairman of Vietnam’s State Securities Commission (SSC), stated, adding that no other brokers were affected by the cyberattack.

At 0600 GMT on Wednesday, VNDirect was still disconnected from the system. It declined to say when it might restart trading.

In a message published on Monday, the broker stated that its “entire system was attacked by an international organization” on Sunday, temporarily rendering its trading platform inaccessible but having no effect on customers’ assets or data. The company’s stock has declined about 4% since the beginning of the week.

Son said there was no need to take additional steps to mitigate the impact of the cyberattack on trading and that investors could use accounts at other brokerage firms.

According to LSEG, transaction volumes on the HCMC bourse declined by 10% on Monday due to the inability of investors to trade via VNDirect. The benchmark index lost 1.1% on Monday.

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