New Zealand's financial markets regulator said the country's stock exchange operator's technological systems were "insufficient" following a probe into the multiple outages and cyber attacks that hit the bourse operator last year.
The Financial Markets Authority (FMA) said on Thursday NZX Ltd's technological capability to comply with market operator obligations lacked across the platform, adding that the exchange lacked planning in its approach to the cyber attacks as they were "foreseeable". (https://bit.ly/2Nz1FPu)
The bourse operator suffered disruptions due to high volumes in April and was hit by distributed denial of service (DDoS) attacks for a week in August, which crashed its website and halted trading briefly.
"NZX accepts that it did not meet the high standards it sets for itself in key areas of technology resources," the stock exchange operator said in a statement.
NZX also said it would work with the FMA to develop an action plan to improve the bourse's technological resources.
(Reporting by Anushka Trivedi in Bengaluru; Editing by Aditya Soni)
