NEW DELHI: With malware attacks becoming a regular affair, the Securities and Exchange Board of India (Sebi) plans to rope in cyber security experts to ensure its operations are not crippled by any such incident.
While the stock markets have largely remained safe from major attacks, exchanges have been repeatedly warning listed companies and intermediaries to strengthen their systems against cyber threats.
Sebi plans to hire experts with knowledge of global best practices in the area of cyber security and information technology and are familiar with compliance requirements with cyber security policies.
In case of cyber attacks, these officers will take corrective measures/ prudent response. Their role would involve installation of firewalls and data encryption, development, implementation and ensuring compliance with cyber security and information on security policies and procedures.
Besides, they will work on implementation and monitoring of IT-related projects, review of IT architecture and other of infrastructure related initiatives.
The markets regulator has already asked stock exchanges and other institutions to keep a constant vigil on cyber threats globally and take lessons to put in place necessary safeguards. Sebi is also appointing an advisor for cyber security and information technology who will be responsible for strengthening its regulatory policy framework.
In May, Sebi had set up a four-member panel on cyber security to suggest measures to ring fence capital markets from attacks. In July, the regulator said it would undertake a comprehensive review of technology and systems at all market institutions, to safeguard the marketplace from cyber threats and technical glitches.
Security officers’ role
Their role would involve installation of firewalls and data encryption, develop-ment, implementation and ensuring compliance with cyber security.