NZX, operator of New Zealand’s exchange based in Wellington, says problems were caused by a distributed denial of service attack.
Photo: Birgit Krippner/Bloomberg NewsSYDNEY—A cyberattack brought New Zealand’s stock market to a standstill for a second time in two days.
NZX Ltd., the locally listed operator of the exchange, said the cyberattack was carried out from overseas but didn’t provide any information to back up the claim.
Trading in all cash markets was suspended for more than three hours Wednesday as the NZX tried to resolve what it described as a connectivity issue. The NZX said it was similar to the problem that forced it to halt trading about an hour early on Tuesday.
The NZX said the problems on both days were caused by a distributed denial of service, or DDoS, attack that floods a company’s network with so much information that its website and systems crash.
More than 37 billion New Zealand dollars (US$24.2 billion) is traded annually on the NZX-run exchange, which provides an important source of capital for local businesses, especially agricultural groups such as Fonterra Co-operative Group Ltd., the world’s largest dairy exporter. Many of Australia’s largest financial institutions, including Westpac Banking Corp., are dual listed in New Zealand.
A spokesperson for Spark New Zealand Ltd., which is NZX’s network operator, said it could see the internet traffic was coming through its global gateway, but the distributed nature of the attack meant it was almost impossible to determine the source. Spark declined to say whether it will investigate the issue.
Two New Zealand government agencies involved in cybersecurity wouldn’t comment on the matter, citing policies that they don’t talk about what, if any, support they might be providing.
Trade on the NZX resumed at 3 p.m. local time Wednesday following the second incident. The benchmark NZX 50 index closed 0.3% higher at 12031.5, just below its record close set on Feb. 21.
Write to Stuart Condie at stuart.condie@wsj.com
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