State Securities Commission requires securities companies to review security

The State Securities Commission (SSC) requires companies to proactively review and immediately check security plans for IT systems, especially securities trading systems...

On the night of March 25, the State Securities Commission sent a warning letter about the security of online securities trading systems to securities companies after the incident of being attacked, crashing the website, causing system errors at VNDirect Securities Corporation (VND).
The document clearly states that recently, there was a case in the market where a securities company was attacked on its information technology system, leading to the company's securities trading system temporarily ceasing operations.

In order to ensure the safety, stability and smoothness of the stock market, the State Securities Commission requires securities companies to:

- Ensure that the information technology (IT) system and backup database operate safely and continuously as prescribed in Clause 10, Article 89 of the Securities Law 2019.

- Proactively review and immediately check security plans for IT systems, especially stock trading systems and systems connected to the internet, to promptly fix security vulnerabilities if any.

- Implement online transaction checking procedures, risk control procedures; system and data backup procedures; IT system operation management procedures; develop response measures and overcome potential security risks.

In case the company detects signs of security insecurity, it must proactively focus resources to handle and remedy the situation, promptly notify the State Securities Commission, Stock Exchanges, Vietnam Securities Depository and relevant authorities for coordination and direction in handling.

VNDirect system was attacked from 10am on Sunday, March 24, 2024.

Previously, on March 25, the Hanoi Stock Exchange (HNX) and Ho Chi Minh City Stock Exchange (HoSE) 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 from March 25 until VNDirect completely fixes the problem.

The VNDirect system was attacked from 10:00 a.m. on Sunday, March 24, 2024. As of 5:00 p.m. on March 25, 2024, the VNDirect system had not yet returned to normal operation. VNDirect customers were still unable to access their accounts.

Not only VNDirect, some other companies were also attacked similarly. At Post and Telecommunication Insurance Corporation (PTI), the unit in which VNDirect is the second largest shareholder, the system was attacked from 10am on March 24 and is still trying to handle it. Two other related companies, Homefood and IPA, are also facing similar problems when customers cannot access the service.

VNDirect said that the company has worked with partners who are leading technology corporations in Vietnam, as well as coordinated with PA05 and A05 to ensure the prevention of incidents similar to VNDirect for market safety.

Previously, on March 25, VNDirect officially informed about the company's online trading system incident. The announcement said that on the morning of March 24, VNDirect's entire system was attacked by an international organization, resulting in the company's entire trading platform being temporarily inaccessible.

VNDirect said the company is working with partners who are leading technology corporations in Vietnam, as well as coordinating with the Department of Cyber Security and High-Tech Crime Prevention (PA05), the Department of Cyber Security and High-Tech Crime Prevention (A05) to ensure prevention of incidents similar to VNDirect for market safety.

Source