Stock markets urged to invest in new IT security applications
Stock market IT security remains a problem as the websites of securities
firms continue to be hacked and fraudulent transactions occur,
according to experts.
Stock market IT security remains a problem as the websites of securities
firms continue to be hacked and fraudulent transactions occur,
according to experts.
Warnings about the risks were first made in 2006, but investment in IT applications has remained inadequate since then.
Late last year, several big companies' annual business reports were leaked because of poor data security.
The IT infrastructure for a safe and secure stock market remains weak even though most stock investors conduct their transactions via the internet. Internet connections are often slow as well.
Fifteen local stock companies' websites were weak enough to be hacked last year.
Changes in quantity and prices from investors can occur when hackers invade websites.
In addition, laws regulating IT applications need to be improved. For instance, an investor is allowed to open only one account, but they actually open several of them at different security companies.
There is no software that can control what investors do with multiple accounts.
"If IT applications were seriously implemented, management authorities, enterprises and securities firms would then be able to discover fraudulent transactions and other illegal activities," Nguyen Pham Hung, an IT expert, said.
With the current infrastructure, everything was found after illegal transactions had been completed.
"The investors who violate the law are given small fines, but the rest of the investors suffer huge indirect consequences," he added.
Authorities, securities and enterprises do not pay attention to the need for IT security.
"The stock market needs a complete infrastructure, as well as a well-trained IT staff," Hung said.
However, huge initial investment and an upgrade has limited the development of IT security.
"The State Securities Commission (SSC) should stop the operations of any securities firms not meeting requirements of IT security," he added.
After 10 years of stock operation, the SSC finally released regulations on the IT system for securities late last year. However, many details are being disputed./.
Warnings about the risks were first made in 2006, but investment in IT applications has remained inadequate since then.
Late last year, several big companies' annual business reports were leaked because of poor data security.
The IT infrastructure for a safe and secure stock market remains weak even though most stock investors conduct their transactions via the internet. Internet connections are often slow as well.
Fifteen local stock companies' websites were weak enough to be hacked last year.
Changes in quantity and prices from investors can occur when hackers invade websites.
In addition, laws regulating IT applications need to be improved. For instance, an investor is allowed to open only one account, but they actually open several of them at different security companies.
There is no software that can control what investors do with multiple accounts.
"If IT applications were seriously implemented, management authorities, enterprises and securities firms would then be able to discover fraudulent transactions and other illegal activities," Nguyen Pham Hung, an IT expert, said.
With the current infrastructure, everything was found after illegal transactions had been completed.
"The investors who violate the law are given small fines, but the rest of the investors suffer huge indirect consequences," he added.
Authorities, securities and enterprises do not pay attention to the need for IT security.
"The stock market needs a complete infrastructure, as well as a well-trained IT staff," Hung said.
However, huge initial investment and an upgrade has limited the development of IT security.
"The State Securities Commission (SSC) should stop the operations of any securities firms not meeting requirements of IT security," he added.
After 10 years of stock operation, the SSC finally released regulations on the IT system for securities late last year. However, many details are being disputed./.
You should also see
Brand building for Vietnamese agricultural products needed to boost exports
Vietnam's agricultural development has gained many achievements in recent times, with seven commodities recording annual export turnover of over 3 billion USD, namely wood and wooden products, shrimp, coffee, rice, rubber, vegetables and fruits, and cashew nuts. These products are present in most of the world's major import markets such as the US, the European Union (EU) and Japan.
See more
Business
Hai Phong Techfest connects Vietnamese, RoK businesses
The Department of Science and Technology of the northern port city of Hai Phong is organising the International Techfest Connect 5+, a science and technology festival to promote connectivity in the northern coastal region, from April 15-16.
Business
Banks record positive business indicators in Q1 2024
Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.
Business
InfographicFour commodities post Q1 export value of over 5 billion USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
Business
Binh Duong sees vibrant investment cooperation at Horasis China Meeting
The Horasis China Meeting 2024, held in Binh Duong on April 15, witnessed a flurry of investment activities as the southern province granted in-principle approvals and investment certificates to multiple infrastructure, manufacturing, and real estate projects worth hundreds of millions of USD.
Business
PM demands stable power supply during peak period
Prime Minister Pham Minh Chinh has recently signed an official dispatch requesting drastic, synchronous and effective measures to ensure stable power supply during this year's peak period and beyond.
