Digital India is seeing an increase in cyber-attacks, which compromise user’s data and the company’s servers and the market regulator SEBI is not left untouched. Markets regulator SEBI is setting up a cyber-security fusion centre, which will help detect cyber threats faster and resolve such incidents efficiently and effectively in a better way. Creating a cybersecurity centre will help SEBI centrally control and monitor its systems for any further cyber threat.
In SEBI’s annual report for 2019-20, it is noted that cyber-attacks attempts to jeopardise the confidentiality, integrity and availability of the systems, networks, and databases in the markets ecosystem, which leads to problems for users.
How will SEBI solve cyber threat?
SEBI is setting up this cyber-security fusion centre, also known as the cyber lab to monitor cybersecurity-related events in the securities markets and take actions as deemed necessary to protect the securities market.
The three-tier structure would strengthen the cybersecurity preparedness or resilience of the entire securities market ecosystem. Cyber resilience is an organisation’s ability to prepare and respond to a cyber-attack and to continue operations during, and recover from, a cyber-attack.
- Tier-1: Under the tier-1, a high-powered steering committee on cybersecurity chaired by a whole-time member of SEBI has been set up.
- Tier-2: Under tier-2, SEBI would establish a cybersecurity fusion centre.
- Tier-3: Under tier-3, division of technology and cybersecurity on SEBI would coordinate with the steering committee, cybersecurity lab security and operations centres at the respective market infrastructure institutions (MIIs) like stock exchanges, depositories and clearing corporations
“Tier-1 and tier-3 have been set up, and SEBI is in the process of setting up a SEBI cybersecurity fusion centre,” according to the SEBI’s annual report.
The job of SEBI Cyber-security centre
A cybersecurity fusion centre is helpful in case of a security breach. It helps establish cooperation among all the teams involved in cybersecurity, working to minimise the impact of the security breach, for faster detection and response.