Vastavam web: Market regulator Sebi is planning to beef up its IT team with experts from cyber security arena to ensure stronger firewalls against such attacks and faster corrective measures.This comes at a time when several malware attacks have come to light globally including in India.While the stock market arena has so far not seen any major attack, the exchanges have been repeatedly warning listed companies and various intermediaries to strengthen their systems and keep a constant vigil for all kinds of cyber threats.Sebi said it is looking for grade A officers who have knowledge of global best practices in the area of cyber security and information technology and are familiar with compliance requirements with cyber security policies.
These officers would be required to take corrective measures/ prudent response in case of cyber attacks. Their role would also involve installation of firewalls and data encryption, development, implementation and ensuring compliance with cyber security and information on security policies and procedures.Sebi also wants them to be familiar with internal policies on IT deployment, usage and implementation of these policies and prepare standard operating procedures and processes, besides working on implementation of system audits and formulation of IT strategy.
Sebi has already asked stock exchanges and other institutions to keep a constant vigil on cyber threats globally and take lessons to put in place necessary safeguards.The advisor would monitor implementation of these regulatory policies across securities markets and also help enhance capacity building at Sebi and various market participants with respect to cyber security.
The officer would also develop a stress testing mechanism to mitigate risks arising out of cyber attacks while a framework will be put in place for taking correctives and a prudent response in case of such an emergency at the regulator or market participants.Sebi, in May, had set up a four-member panel on cyber security to suggest measures to ring fence capital markets from such attacks.In July, the regulator said it will undertake a comprehensive review of technology and systems at all market institutions, including exchanges, to safeguard the marketplace from cyber threats and technical glitches