Taiwan’s financial sector is facing significant disruption as hackers have launched a major cyberattack targeting several vital platforms, including the Taiwan Stock Exchange and Mega Financial Holding Co. The attack, which briefly incapacitated their websites, has been attributed to foreign agents by local Taiwanese media.
The attack involved a Distributed Denial of Service (DDoS) assault, which overwhelmed the targeted websites with excessive web traffic. This led to unstable connections and operational difficulties for the affected platforms during the afternoon.
According to the Ministry of Digital Affairs, the Taiwan Stock Exchange observed a surge in web queries from overseas IP addresses and saw a substantial increase in traffic compared to normal levels.
The Digital Ministry has refrained from commenting on the specific origins of the attack. However, local media outlet Liberty Times reported that a Russian hacking group claimed responsibility for the incident on Telegram, based on analysis by the cybersecurity firm Radware.
Despite the disruption, government websites and trading operations resumed normal function on Friday. DDoS attacks typically aim to overload systems rather than compromise sensitive information, and the stock exchange restored its operations within about 30 minutes.
Nevertheless, the incident has highlighted the vulnerability of Taiwan’s computing infrastructure, which plays a crucial role in the global semiconductor industry and is a focal point in the ongoing tensions between the US and China.
The Ministry of Digital Affairs confirmed the nature of the disruptions, stating that DDoS attacks caused them. The Ministry has pledged to continue monitoring the situation and to assist relevant agencies in enhancing protection and response strategies. Despite these assurances, the attack underscores the potential risks faced by Taiwan, given its strategic significance in global technology supply chains.
In recent years, Taiwan has become an increasingly frequent target of cyberattacks, reflecting its strategic importance and geopolitical tensions.
Earlier in August, cybersecurity researchers at Cisco Systems Inc. revealed that a hacking group with suspected ties to the Chinese government had stolen passwords and documents from a Taiwanese government-affiliated research center specializing in computing.
This breach highlighted the ongoing threat posed by cyberattacks to Taiwan, an island that remains at the heart of escalating US-China relations. Beijing considers Taiwan a part of its territory and intends to exert control over it.
The latest attack further underscores the need for robust cybersecurity measures to protect critical infrastructure and economic stability. As Taiwan continues to be a focal point in global geopolitical tensions, the resilience of its digital and financial systems will remain a key concern.
