SEBI meets Market Infrastructure Institutions to discuss Cyber Security and Technology
SEBI convened a meeting on July 28, 2017 with Stock exchanges, Clearing Corporations and Depositories (Market Infrastructure Institutions-MIIs) operating in the domestic market and GIFT IFSC in order to assess their preparedness on areas related to Cyber Security, Technology and Systems upgradations as well as Business Continuity Plans. The meeting was chaired by SEBI Chairman and attended by MD & CEO of MIIs and their CTOs/CISOs. In light of recent technical glitch, NSE also confirmed that based on internal assessment, processes are being strengthened to further reduce the response time for recovery and also adoption of automated processes.
During the meeting, MIIs confirmed that the comprehensive framework for cyber security and system audit prescribed by SEBI is modelled on international best practices and are being followed.
SEBI stressed the importance of the need for sharing information on instances of technology related disruptions, cyber threats and attacks among MIIs so as to enhance their situational awareness. SEBI advised the MIIs to have constant vigil on the cyber threat landscape around the world and take lessons from such incidents. SEBI also emphasised that the MIIs should have well laid out change management procedures and standard operating procedures that should encompass all areas related to technology and operations. MIIs were advised to have a collaborative approach in dealing with technological challenges including cyber threats.
SEBI shall also undertake a comprehensive review of the technology and systems deployed at MIIs through its Technical Advisory Committee.
It was emphasised that there should be prompt and diligent reporting of any technical issues including cyber attacks to relevant agencies including CERT-In and SEBI.