Following the cyberattack on a major Vietnamese brokerage, the market regulator assured that financial institutions are not exposed to risks. VNDirect, the country’s third-largest broker by transaction volume, has been under suspension since the weekend when it became the target of the attack.

According to the Ho Chi Minh City exchange, VNDirect has been disconnected from the trading system since Monday. Pham Hong Son, the vice chairman of Vietnam’s State Securities Commission (SSC), stated that the risk of contagion is minimal, emphasizing that no other brokers have been impacted.

As of Wednesday, VNDirect remained disconnected from the system without providing details on when trading would resume or the extent of damage incurred from the attack.

In a statement released on Monday, VNDirect disclosed that its entire system was compromised by an international organization on Sunday, leading to a temporary halt in its trading platform. However, the incident did not affect customers’ assets or data. Despite this assurance, the company’s shares experienced a nearly 4% decline since the incident.

The SSC declined to comment on the identity of the attacker when queried. Son asserted that no further action is necessary to mitigate the cyberattack’s impact on trading, suggesting that investors utilize accounts with alternative securities firms.

On Monday, trading volumes on the HCMC bourse witnessed a 10% decrease, as investors utilizing VNDirect’s services were unable to conduct trades. Furthermore, the benchmark index recorded a 1.1% decline on the same day.

Mirae Asset Securities, in a note, highlighted the cybersecurity breach at VNDirect as a significant event overshadowing market sentiment, despite some stocks experiencing notable increases.