State Securities Commission requires securities companies to review security

The State Securities Commission has requested securities companies to review security measures.

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

On the night of March 25th, the State Securities Commission of Vietnam (UBCKNN) issued a warning regarding the security of online securities trading systems to securities companies following a cyberattack that caused a website crash and system errors at VNDirect Securities Joint Stock Company (VND).
The document states that recently, there have been cases in the market where securities companies have had their information technology systems attacked, resulting in the temporary suspension of their securities trading systems.

To ensure the safety, stability, and smooth operation of the stock market, the State Securities Commission requires securities companies to implement the following:

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

- Proactively review and immediately check security measures for IT systems, especially securities trading systems and systems connected to the internet, in order to promptly address any security vulnerabilities.

- Implement online transaction verification procedures, risk control procedures; system and data backup procedures; IT system operation management procedures; develop measures to respond to and mitigate potential security risks.

In the event that the company detects signs of security breaches, it should proactively focus resources on addressing and rectifying them, and promptly report to the State Securities Commission, the Stock Exchanges, the Vietnam Securities Depository Corporation, and other relevant authorities for coordinated action.

The VNDirect system was attacked starting at 10:00 AM on Sunday, March 24, 2024.

Previously, on March 25th, the Hanoi Stock Exchange (HNX) and the Ho Chi Minh City Stock Exchange (HoSE) issued a notice temporarily disconnecting remote and online trading on listed securities markets, registered securities markets, derivative securities markets, debt instrument markets, and private corporate bond markets of VNDirect to HNX from March 25th until VNDirect completely resolves the issue.

The VNDirect system was attacked starting at 10:00 AM on Sunday, March 24, 2024. As of 5:00 PM on March 25, 2024, the VNDirect system had still not returned to normal operation. VNDirect customers were still unable to access their accounts.

Not only VNDirect, but several other companies also suffered similar attacks. At Post Insurance Joint Stock Company (PTI), where VNDirect is the second largest shareholder, the system was also attacked from 10 am on March 24th and efforts to resolve the issue are still ongoing. Two other related businesses, Homefood and IPA, are also experiencing similar problems, with customers unable to access their services.

VNDirect stated that the company has worked with partners, including leading technology corporations in Vietnam, and has coordinated with PA05 and A05 to ensure the prevention of similar incidents to VNDirect's, thus ensuring market safety.

Previously, on March 25th, VNDirect officially announced the incident affecting its online trading system. The announcement stated that on the morning of March 24th, VNDirect's entire system was attacked by an international organization, resulting in the temporary inaccessibility of the company's entire trading platform.

VNDirect stated that the company is working with partners, including leading technology corporations in Vietnam, and has also coordinated with the Cyber Security and High-Tech Crime Prevention Department (PA05) and the Cyber Security and High-Tech Crime Prevention Bureau (A05) to ensure the prevention of similar incidents to VNDirect's case and to maintain market safety.

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