Trillions of VND stuck unable to be traded when VNDirect was attacked. This shows the security "hole" of financial services. What should investors do?
"I haven't been able to trade since this morning, and I've only been trading at VNDirect. I had to open a new account at another securities company and monitor the information there. The market is so hot, but I can't do anything, which makes me very impatient and frustrated," said Ms. Tra Giang (37 years old, Dong Da District, Hanoi).
Not the first time "attacked"
Accordingly, it is noted that the website and application (app) of VNDirect Securities Company (VND, HOSE) are both in an error state, inaccessible, customers only see a notice about the incident with an apology from VNDirect.
The entire VNDirect system is still inaccessible (Photo: VNDirect Website)
It is known that from 10am Sunday (March 24) until now, the entire VNDirect system has been attacked by an international organization, causing the entire VNDirect trading platform to be temporarily inaccessible. Currently, the company's technology team has made every effort to restore it, but due to the large data infrastructure, it takes time to connect.
Previously, VNDirect had encountered many other similar incidents. 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. Or in November 2021 and April 2020, the company also had problems logging in to trade due to overload.
Recently, the "subsidiary" websites related to VNDirect: Post and Telecommunication Insurance Corporation, the websites of IPA Investment Group and IPAAM were also inaccessible, reporting being attacked.
How are markets and investors affected?
Many investors expressed confusion and anxiety when they did not know how secure it was and whether the amount of money and assets on the exchange would be affected.
Responding to this issue, the company said that all customer information and assets are guaranteed to be safe and unaffected.
However, this incident still puts investors at risk of being heavily affected in terms of psychology and assets on the floor.
Ms. Hai Yen (29 years old, in Thai Binh) sighed in frustration when she could not trade, because she planned to disburse the stocks she was holding this morning to take profit, but up to now, the market has "shaken" after a long increase, causing the stocks she was holding to no longer be at the ideal selling point.
VN-Index "plummeted" at the beginning of the week after the incident from VNDirect (Source: SSI iBoard)
VNDirect is known as one of the TOP3 securities companies, accounting for 7% of the market share on the floor.
Therefore, this incident can cause damage to investors' assets and profits, increase unhealthy competition between securities companies and significantly affect the entire market when a large amount of cash flow is not moved according to investors' buying and selling needs, Associate Professor Dr. Nguyen Huu Huan, Head of the Department of Financial Markets, Ho Chi Minh City University of Economics, commented.
What should be done to prevent and protect investors' rights?
According to Associate Professor Dr. Nguyen Huu Huan, financial services are inherently more complex than normal services, and need to ensure continuous operation, even when attacked. However, in reality, securities companies still do not pay attention to security.
"This incident at VNDirect is something no one wants and cannot be blamed on anyone, but from now on, we need to seriously consider and fix security holes in financial services," Associate Professor Dr. Nguyen Huu Huan emphasized.
This greatly affects the assets and profits of investors, because investors are inherently passive, no matter which securities company they trade at, there is still a risk of being attacked and when the trading website "crashes", they cannot do anything.
Therefore, to limit similar risks, Mr. Nguyen Huu Huan gives some recommendations to investors:
- Investors should divide their holdings and trade through multiple accounts at different securities companies .
- Investors should not keep money in their accounts, only transfer money when necessary to buy or sell to avoid the situation of securities companies misappropriating capital. Moreover, banks are more secure and have deposit insurance, while securities companies currently do not have insurance.
In addition, to ensure the rights of investors, healthy competition and continuous operation of financial services, management agencies such as the Securities Commission and the Stock Exchange need to intervene and have solutions for the worst possible scenarios. As for securities companies , they need to step up security assurance and have preventive solutions for customers, etc.
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