Sebi mulls cybersecurity fusion centre for securities market

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 eco-system.

Establishing a cybersecurity fusion centre or a cyber lab is part of Sebi's 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, cybersecurity 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 a security breach through faster detection and response.

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.