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New Zealand’s financial regulator has issued a searing report about IT security failures at NZX, the country’s stock exchange, that contributed to a disruptive DDoS attack.
The Financial Markets Authority says in a new report that NZX lacked sufficient technology resources and had inadequate IT security, including poor network design and unprotected infrastructure.
The stock market also suffered from cultural problems, including “a lack of willingness to accept fault,” the authority says. NZX officials couldn’t immediately be reached for comment on the regulator s findings.
The Financial Markets Authority s report
NZX was hit with a series of volumetric distributed denial-of-service attacks in August 2020 as part of an extortion attempt. 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 securi ....

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