The incident of the trading platform of VNDirect Securities Corporation (VNDirect) being temporarily inaccessible during the entire session on March 25 caused the Hanoi Stock Exchange (HNX) and Ho Chi Minh City Stock Exchange (HOSE) to issue a notice to temporarily suspend the trading connection of this securities company to the exchanges.
The VNDirect incident not only disrupted investors' transactions and affected the company's image, but also sounded a warning bell to the systems of securities companies and financial institutions about network security issues.
According to Associate Professor Dr. Dinh Trong Thinh, an economic expert, for banking and financial enterprises in general and securities companies in particular, ensuring information system security has become one of the most important issues.
"We know that transactions in the banking and finance sector take place very quickly, every minute, even every second. Therefore, information systems are always invested in by businesses at the most modern level possible, because keeping the transaction system smooth and secure is very important. Security systems and confidentiality in commercial banks, monetary systems, and financial companies are top priorities, especially in the digital age like today. The collapse of VNDirect's trading system is a warning for securities companies in particular and the financial and banking system in general," said Mr. Thinh.
According to Mr. Thinh, it is not clear how serious the incident is, but this certainly shows that the information security system is poor. Notably, the system crash caused by hackers is a major security problem.
Therefore, not only VNDirect but all securities companies and financial companies need to improve security and regularly innovate, change technology, and access the most modern technology to ensure smooth transactions in all situations.
In fact, in the currency market, not just securities companies, as in other countries, the setting and closing of prices are calculated by the second, just a few seconds faster or slower can also make or break money. Not to mention the incident lasting the entire trading day, that is a big problem. Therefore, this is a lesson not only for VNDirect, securities companies but also for the entire financial and monetary system of Vietnam.
VNDirect said that all customer information and assets are guaranteed to be safe and unaffected by the attack. The incident only affects current transactions and maximum efforts are being made to restore the entire system, limiting disruption to customer transactions.
However, many investors expressed frustration at not being able to trade, causing them to lose buying and selling opportunities, especially in a volatile market like the session on March 25.
Notably, VNDirect is a securities company with a market share of more than 7%, the 3rd largest on HOSE, only behind VPS Securities Joint Stock Company and SSI Securities Joint Stock Company.
This is not the first time VNDirect has encountered a transaction problem, however this time the problem lasted and by the end of the session on March 25, it had not been resolved.
Previously, VNDirect had encountered many other similar problems. In April 2022, during the trading session, investors were unable to log in to the company's website because the domain name and other extensions had expired. In November 2021 and April 2020, the company also had problems logging in to trade due to overload.
This time, not only VNDirect encountered problems, but companies related to VNDirect also had their systems "crashed"; including an insurance company, the Post and Telecommunication Joint Stock Insurance Corporation (PTI), with the following announcement on the company's website: "PTI system was attacked from 10:00 a.m. on Sunday, March 24, 2024. As of this morning, the technology team has completely resolved the problem and is in the process of reconnecting to make it ready for transactions. However, the recovery process is expected to take time, so we will continue to update our customers."
A business related to VNDirect, IPA Securities Investment Fund Management One Member Limited Liability Company (IPAAM), is also currently reporting "under maintenance and upgrading."
Regarding the relationship between these two enterprises and VNDirect, in December 2021, Vietnam Post Corporation (VN Post) completed the auction to divest all 22.67% of its charter capital at PTI. After VN Post divested, PTI had two largest shareholder groups: VNDirect and authorized shareholders (accounting for 42.33%) and DB Insurance Company - Korea (accounting for 37.32%).
As for IPAAM, this company was established in 2008, operating mainly in the fields of fund management, portfolio management and securities investment consulting. As recorded in the consolidated financial statements for the third quarter of 2023, IPAAM is the only subsidiary of VNDirect (100% owned capital). However, by December 2023, VNDirect had completed the transaction of transferring 100% of its capital contribution at IPAAM to IPA Investment Group.
Regarding the disruption of VNDirect's transactions this time, according to VNDirect, on the morning of March 24, VNDirect's entire system was attacked by an international organization, causing VNDirect's entire trading platform to be temporarily inaccessible. VNDirect's technology team has made every effort to restore the situation, but due to the large data infrastructure, it will take more time to connect.
Currently, the company is also working with partners who are leading technology corporations in Vietnam, as well as coordinating with PA05 and A05 to ensure the prevention of incidents similar to VNDirect for market safety.
VNDirect said that by noon on March 25, the technology team had resolved the entire issue and was in the process of reconnecting to keep up with trading hours. However, as the recovery process is expected to take time, VNDirect said it will continue to update investors.
VNDirect's website homepage also announced to customers that the VNDirect system was attacked as above and the information: "We had a difficult day but we overcame it with the support of our customers and partners."
On the afternoon of March 25, the Hanoi Stock Exchange (HNX) announced the temporary disconnection of remote trading and online trading on listed securities trading markets, registered securities trading, derivative securities trading, debt instrument trading and individual corporate bond trading of VNDirect to HNX.
HNX said the shutdown was to ensure the safety of the trading system after the exchange received a report from VNDirect about an incident related to the trading system that disrupted trading activities.
By the end of the trading session on March 25, HOSE also announced that it would disconnect VNDirect's transactions from this exchange from March 25 until VNDirect completely resolved the problem.
As soon as VNDirect's report on the results of the remediation is available, HOSE will evaluate and consider the time for VNDirect to reconnect to trading.
In addition to VNDirect temporarily suspending connection, HOSE said it still connects and trades normally with other member securities companies.
TB (according to VNA)Source
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