NZX is Still Inoperative for the Third Day

NZX is under scrutiny after failing to deliver an effective solution to the on-going problem caused by an overseas attack.

The exchange has imposed another untimely trading halt today, citing connectivity issues from power outrage. It is now down for three days in a row and expecting to resume regular business operations on Friday.

The interference breaks investors’ momentum as the market nears a record high.

Similarly, many firms are due to report quarterly earnings and annual results this week. Thus, a halt on trading will pose negative repercussions.

Among the significant events that stockholders might miss to capitalize on is Air New Zealand’s release of its annual results. The report will be its first since the start of the pandemic.

New Zealand Stock Exchange’s decision not to re-open will help the platform address the situation head-on. Although this is happening with contest from many market participants, this will benefit trading long-term.

On their end, NZX said that they are continuously doing everything they can to address the problem with the help of cybersecurity experts. Undisrupted sessions will resume in the soonest allowable time.

It is not only the New Zealand Stock Exchange that Experienced a Cyberattack

The market seems to be unbothered by the halt after ending on a record high.

The NZX 50 index went up by 0.2% to 12,053. It closed with a better-than-expected performance at 12,073, surpassing the previous record.

Immediately after the perpetrators went past New Zealand, some of Australia’s public and private-sector organizations experienced the same dilemma.

In recent months, the country experienced an increase in incidents. Prime Minister Scott Morrison warned that organizations need to improve their cyber resilience to ensure their operations safety.

The NZX experienced what is identified as a DDoS or Disrupted Denial-of-Service, which disrupted regular traffic on the platform’s network.

Technology experts warned that attackers used a rare level of execution in the assault.

Therefore, the New Zealand Stock Exchange should move fast in order to get back to business-as-usual.