To protect securities market from cyber threats, regulator Sebi has asked commodity derivatives exchanges to put in place framework to safeguard systems, networks and databases from such attacks.
“The exchanges are one of the systemically important Market Infrastructure Institutions (MII) and for operational … these MIIs, need to have “robust cyber security framework in order to provide essential facilities and perform systemically critical functions relating to trading,clearing and settlement in market operation environment seamlessly,” Sebi said in a circular today.
The circular will be applicable with effect from January 1, 2017.
The major framework of cyber security and cyber resilience would include governance, identify, protection monitoring and detection, responses and recovery, sharing of information, training and periodic audit.
In July, the Securities and Exchange Board of India (Sebi) had asked stock exchanges and other key entities to put in place a system that would prevent cyber attacks and improve its resilience.
The cyber attacks and threats attempt to compromise the confidentiality, integrity and availability of the computer systems, networks and databases.