In its annual report for 2019-20, SEBI noted that cyber-attacks and threats attempt to compromise the confidentiality, integrity, and availability of the computer systems, networks, and databases in the markets eco-system. SEBI mulls cybersecurity fusion centre for securities market
Markets regulator SEBI is in the process of setting up a cybersecurity fusion center, a move aimed at detecting cyber threats faster and resolve such incidents efficiently and effectively.
In its annual report for 2019-20, SEBI noted that cyber attacks and threats attempt to compromise the confidentiality, integrity and availability of the computer systems, networks and databases in the markets ecosystem.
Establishing a cybersecurity fusion centre or a cyber lab is part of SEBI’s three-tier structure for monitoring cybersecurity-related events in the securities markets and taking actions as deemed necessary in the interest of protection of the securities market.
The three-tier structure would strengthen the cybersecurity preparedness or resilience of the entire securities market ecosystem.
Under tier-1, a high-powered steering committee on cybersecurity chaired by a whole-time member of SEBI has been set up and a cybersecurity fusion center would be established under tier-2, the regulator said.
In the tier-3, division of technology and cybersecurity on SEBI would coordinate with the steering committee, cybersecurity lab security, and operations centers at the respective market infrastructure institutions (MIIs).
“Tier-1 and tier-3 have been set up and SEBI is in the process of setting up a SEBI cybersecurity fusion center,” according to the annual report.
Generally, cybersecurity fusion centers establish cooperation among all the teams involved in cybersecurity to minimize the impact of a security breaches through faster detection and response.
Cyber resilience is an organization’s ability to prepare and respond to a cyber attack and to continue operations during, and recover from, a cyber attack.
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