Kathmandu, September 21
Nepal’s stock market was abruptly shut down on Monday following a ransomware attack that targeted the infrastructure of Data Hub Pvt. Ltd., which manages the Trading Management System (TMS) servers for 72 brokerage companies. The attack was detected around 5:30 am on Bhadra 4, leading to immediate concerns about the security of the trading environment.
Data Hub confirmed the incident in a letter to YCO Pvt. Ltd., stating that the ransomware attack could restrict access to critical data and systems, rendering them unusable. The company is currently conducting an investigation and forensic analysis to determine the full impact of the attack while implementing necessary security measures.
“We isolated the affected infrastructure to prevent the ransomware attack from reaching NEPSE’s system after the problem occurred within Data Hub’s infrastructure,” said NEPSE spokesperson Murahari Parajuli. Trading will only resume once Data Hub resolves the issues completely.
Investors Raise Concerns
Investors have expressed significant concern over the repeated disruptions to trading, accusing regulatory authorities and the government of not taking the issue seriously. Tulsiram Dhakal, president of the Nepal Investors’ Forum, highlighted the frustration of investors whose assets remain locked during such incidents, stating, “This is also an attack on our assets.”
With around eight million investors involved in Nepal’s capital market, there are fears that incidents like these could jeopardize a substantial pool of assets, currently valued at approximately Rs 4.553 trillion. Dhakal emphasized the need for the Ministry of Finance to adopt secure technologies similar to those used by major stock markets globally.
The Securities Board of Nepal is reportedly seeking further information regarding the incident as Data Hub works to restore its systems. For more details, refer to the reporting by Online Khabar.
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