SEBI issued guidelines to strengthen cyber security

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Markets regulator SEBI issued fresh guidelines for Managing Directors (MDs) or Chief Executive Officers (CEOs) of stock exchanges and infrastructure institutions providing market related facilities to further beef up cyber security. The Securities and Exchange Board of India (SEBI) said in a circular that the new guidelines will come into force with immediate effect. Under the new guidelines, market-related infrastructure institutions (MIIs), stock exchanges, clearing corporations and depositories are required to conduct comprehensive cyber audit at least twice in a financial year.

Instructions given to submit declaration of compliance

Along with the cyber audit report, SEBI has directed all MIIs to submit a declaration of compliance from their Managing Director or CEO. This involves certifying that weaknesses in the organization’s information technology systems have been identified as well as appropriate measures have been taken to address them. Further, they have to certify that adequate resources are being deployed for their Security Operation Center (SOC) and all SEBI circulars and advisories relating to cyber security have been complied with by the MII.

Compulsory to send to NCIIPC

Also, MIIs have been mandated to send regular reports of vulnerabilities found in their respective ‘protected systems’ to the National Critical Information Infrastructure Protection Center (NCIIPC). MII has been directed to report to SEBI the status of implementation of the new guidelines within 30 days.

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