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Sebi to strengthen IT team with cyber security experts for stronger firewalls

The regulator plans to hire four Grade A officers in its information technology stream and wants the aspirants to have extensive experience in cyber security space.

business Updated: Sep 10, 2017 22:32 IST
The logo of the Securities and Exchange Board of India (Sebi), country's market regulator, is seen on the facade of its head office building in Mumbai.
The logo of the Securities and Exchange Board of India (Sebi), country's market regulator, is seen on the facade of its head office building in Mumbai. (Reuters File Photo)

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.

The regulator plans to hire four Grade A officers in its information technology stream and wants the aspirants to have extensive experience in cyber security space.

The proposed recruitments follow another process already underway to rope in an advisor for cyber security and other IT related initiatives of the regulator.

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.

They will also conduct simulation of cyber attacks.

Besides, they will work on implementation and monitoring of IT related projects, review of IT architecture and other of infrastructure related initiatives.

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 Securities and Exchange Board of India (Sebi) is also appointing an advisor for cyber security and information technology who will be responsible for strengthening its regulatory policy framework in this space.

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.

The advisor would also observe developments in cyber technology and security space and prepare inputs for regulatory policy development. The officer would also formulate IT strategy and identify specific initiatives and a five-year road map.

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.

Sebi had held a meeting with the stock exchanges on July 28 against the backdrop of the recent case of a technical glitch at leading bourse NSE, due to which trading had to be halted for over three hours on July 10.