Trillions of dong were stuck and could not be traded when VNDirect was hacked. This reveals a security vulnerability in financial services. What should investors do?
"I haven't been able to trade all morning, and I only trade on the VNDirect platform. I had to open a new account at another securities company and monitor the information there. The market is so volatile, and being unable to do anything is making me very anxious and frustrated," shared Ms. Tra Giang (37 years old, Dong Da District, Hanoi ).
This isn't the first time we've been "attacked".
Accordingly, both the website and app of VNDirect Securities Company (VND, HOSE) were experiencing errors and were inaccessible. Customers only saw a notification about the issue along with an apology from VNDirect.
The entire VNDirect system remains inaccessible to this day (Image: VNDirect website)
Reportedly, from 10:00 AM on Sunday (March 24th) until now, VNDirect's entire system has been attacked by an international organization, resulting in the temporary inaccessibility of VNDirect's entire trading platform. Currently, the company's technology team is making every effort to restore the system, but due to the massive data infrastructure, it will take time to reconnect.
Previously, VNDirect had encountered several similar incidents. In April 2022, during a trading session, investors were unable to log into the company's website because the domain name and other extensions had expired. Similarly, in November 2021 and April 2020, the company experienced login issues due to system overload.
Recently, websites related to VNDirect, including the Vietnam Post Insurance Corporation website, the IPA Investment Group website, and IPAAM, have also become inaccessible, reporting that they have been attacked.
How are the market and investors affected?
Many investors have expressed feelings of confusion and anxiety, unsure of the level of security and whether their money and assets on the exchange will be affected.
In response to this issue, the company stated that all customer information and assets are guaranteed to be secure and unaffected.
Nevertheless, this incident still puts investors at risk of suffering significant psychological and financial losses on the exchange.
Ms. Hai Yen (29 years old, from Thai Binh ) sighed in frustration at being unable to trade, as she had planned to sell her shares this morning to take profits, but the market has been volatile after a long upward trend, leaving her holdings at no longer an ideal selling point.
VN-Index plunges sharply at the beginning of the week following the incident at VNDirect (Source: SSI iBoard)
VNDirect is known as one of the top 3 securities companies, holding 7% of the market share on the exchange.
Therefore, this incident could affect and damage investors' assets and profits, increase unhealthy competition among securities companies, and significantly impact the entire market as a large amount of capital is not moving according to investors' buying and selling needs, said Associate Professor Dr. Nguyen Huu Huan, Head of the Financial Market Department, Ho Chi Minh City University of Economics .
What measures should be taken to prevent and protect investors' rights?
According to Associate Professor Dr. Nguyen Huu Huan, financial services are inherently more complex than ordinary services and require continuous operation, even in the event of an attack. However, in reality, securities companies still lack sufficient focus on security.
"This incident at VNDirect is something nobody wanted and nobody can be blamed, but from this, we need to seriously consider and address the security vulnerabilities in financial services," Associate Professor Dr. Nguyen Huu Huan emphasized.
This greatly impacts investors' assets and profits, because investors are inherently in a passive position; regardless of which securities company they trade with, they still face the risk of being attacked, and when the trading website "crashes," they can't do anything.
Therefore, to mitigate similar risks, Mr. Nguyen Huu Huan offers the following recommendations for investors:
Investors should diversify their stock holdings and trading across multiple accounts at different securities companies .
- Investors should not keep money in their accounts; they should only transfer funds when necessary for buying or selling transactions to avoid securities companies misappropriating funds. Furthermore, banks offer greater security and deposit insurance, whereas securities companies currently lack such insurance.
Furthermore, to ensure investor rights, fair competition, and the continuous operation of financial services, regulatory bodies such as the Securities Commission and the Stock Exchange need to intervene and implement solutions to address worst-case scenarios. Securities companies , on the other hand, need to strengthen security measures and provide contingency plans for their clients.
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