Business Bureau ;
MARKETS regulator Sebi is in the process of setting up a cybersecurity fusion centre, 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’ 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 the tier-1, high-powered steering committee on cybersecurity chaired by a whole-time member of Sebi has been set up and a cybersecurity fusion centre would be established under the tier-2, the regulator said. In the tier-3, division of technology and cybersecurity on Sebi would coordinate with the steering committee, cyber security lab security and operations centres 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 centre,” according to the annual report. Generally, cybersecurity fusion centres establish cooperation among all the teams involved in cybersecurity to minimise the impact of security breach through faster detection and response. Cyber resilience is an organisation ability to prepare and respond to a cyber attack and to continue operations during, and recover from, a cyber attack.