Battle against frauds: This latest BSE move will help investors in secure trading
Sensex benchmark operator BSE has entered into a memorandum of understanding (MoU) with Network Intelligence to provide cyber security services to its members in line with the cyber security framework set by SEBI.
Amid the rising fraud practices, major countries have been prepping with various methods to eliminate terror finance. Back in India, considering the stock market is a country in its own with crores of investors buying and selling various schemes and equities, the Bombay Stock Exchange (BSE) has prepared to strengthen cybersecurity norms. Sensex benchmark operator BSE has entered into a memorandum of understanding (MoU) with Network Intelligence to provide cyber security services to its members in line with the cyber security framework set by SEBI. Network Intelligence is a global cyber security services provider & CERT-IN empanelled vendor.
Commenting on the latest move, Ashishkumar Chauhan, MD & CEO BSE, said, “Our aim is to safeguard the interests of our stock brokers and ensure robust cyber security is in place. By associating with Network Intelligence, who are the leaders in cyber security services and solutions, we aim to strengthen the cyber security framework, tackle all the challenges pertaining to capital markets ecosystem and adhere to SEBI’s guidelines to protect the integrity of data and guard against breaches of privacy.”
Also, K K Mookhey, Founder & CEO of Network Intelligence said, “BFSI industry is the backbone of our economy. We welcome the steps taken by SEBI & BSE in addressing the need to protect the entire eco-system against the ever-increasing cyber threat landscape. BFSI customers contribute to more than 60% of our business.”
"We are well versed with the setup and understand what needs to be done. Of late, we have seen a lot of targeted attacks in this vertical. Our partnership with BSE, will enable us to play an important part in providing specialized cyber security monitoring, detection and incident response capabilities to its members,” Mookhey added.
The market watchdog Sebi in late 2018, released new set of guidelines in its Cybersecurity & Cyber Resilience framework for Stock Brokers / Depository Participants”. After a detailed assessment and capabilities evaluation by BSE, Network Intelligence India (NII) was selected as one of its partners to provide these services to its members.
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At BSE, the cyber security service provider will be using its own developed platform – BlueScope© to offer 24x7 cyber security operations to the members.
Additionally, Network will also be using leading technology solutions to provide other services including VAPT, Asset Management, Endpoint Security, Network Security etc.
All the activities will be conducted from its state-of-the-art Next Gen Cybersecurity Operations Centre (CSOC) based in Mumbai.
Earlier, BSE had associated with John Chambers’ backed Lucideus to secure stock brokers as per SEBI guidelines using SAFE. The SAFE platform integrates with the existing technology stack of an enterprise to provide a real-time cyber risk assessment (a number between 0-5) at a macro level across the organization that can be broken down into micro-level scoring individually for each asset. It considers controls across people, process and technology.