Not even security exchanges are immune to hackers these days. Hong Kong Exchanges and Clearing Limited, the world’s biggest security exchange operator by market value, suspended trading yesterday for companies including HSBC. This came after its website was hacked in what’s been described as a hack with malicious intent at a critical time.

Chief Executive Officer Charles Li told Bloomberg yesterday afternoon that along with Europe’s biggest bank by market capitalisation (HSBC), Cathay Pacific Airways and five other stocks were suspended from trading because of the hack.

It joins the growing list of major corporate entities coming under attack like Sony and Citigroup and this puts increased pressure on such organisations to make sure that their virtual security is in as good shape as possible.

Hackers partially disabled the website and the exchange suspended trading for companies that published price-sensitive information, including information on earnings and acquisitions.

This happened around noon and it was to guarantee investors had equal access to statements and that no devious trading could take place.

Charles Mok, head of the Hong Kong division of the Internet Society, an international standard-setting group, explained the deeper consequences the hack can have on the exchange:

This has affected the creditability and trustworthiness of information at a very critical time. The situation is very worrying because the hacking is targeted at the information disclosure mechanism.

Hong Kong Exchanges Chairman, Ronald Arculli, told Bloomberg Television that the decision was made to suspend trading for the particular companies after website traffic exceeded normal levels – an indication that some individuals may have had access to information before others.

What makes the hack such a critical one is the fact that it came as Hong Kong stocks were rebounding after their $323 billion losses since the beginning of this month.

The website has resumed operation today, and a police investigation is underway while website security will be tightened immediately.

[Source: Bloomberg]