{"id":790,"date":"2023-08-30T13:30:42","date_gmt":"2023-08-30T13:30:42","guid":{"rendered":"https:\/\/efimarkets.com\/blog\/?p=790"},"modified":"2023-08-30T13:32:28","modified_gmt":"2023-08-30T13:32:28","slug":"sebi-releases-new-guidelines-to-improve-cybersecurity-framework-for-stock-exchanges","status":"publish","type":"post","link":"https:\/\/bhimmarkets.com\/blog\/sebi-releases-new-guidelines-to-improve-cybersecurity-framework-for-stock-exchanges\/","title":{"rendered":"SEBI releases new guidelines to improve cybersecurity framework for stock exchanges."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"790\" class=\"elementor elementor-790\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a35b7ce e-con-boxed e-flex e-con\" data-id=\"a35b7ce\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9697f45 elementor-widget elementor-widget-text-editor\" data-id=\"9697f45\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.0 - 24-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"color: #000000;\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-791\" src=\"https:\/\/efimarkets.com\/blog\/wp-content\/uploads\/2023\/08\/MicrosoftTeams-image-759-300x167.png\" alt=\"SEIB\" width=\"450\" height=\"250\" srcset=\"https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2023\/08\/MicrosoftTeams-image-759-300x167.png 300w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2023\/08\/MicrosoftTeams-image-759-1024x569.png 1024w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2023\/08\/MicrosoftTeams-image-759-768x427.png 768w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2023\/08\/MicrosoftTeams-image-759.png 1080w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/>SEBI has released new guidelines in order to reinforce the current framework for cyber security and cyber resilience at market infrastructure organizations including stock exchanges, clearing companies, and depositories,\u00a0<\/span><\/p><h2><span style=\"color: #000000;\"><b>Reason for launching new guidelines<\/b>\u00a0<\/span><\/h2><p><span style=\"color: #000000;\">Stock exchanges, clearing organizations, and depositories are considered market infrastructure institutions by SEBI since they, among other things, offer the infrastructure required for the continuous and efficient operation of the securities market.\u00a0 \u00a0\u00a0<\/span><\/p><p><span style=\"color: #000000;\">These market infrastructure institutions (MIIs) must have a strong cyber security framework as part of operational risk management in order to offer necessary facilities and carry out systemically important tasks related to trading, clearing, and settlement in the securities market. \u00a0<\/span><\/p><p><span style=\"color: #000000;\">According to the market regulator, it&#8217;s crucial that MIIs set up and maintain information technology (IT) processes and controls to protect the privacy, accuracy, and accessibility of data as well as IT systems.\u00a0<\/span><\/p><h2><span style=\"color: #000000;\"><b>Increase in interdependence<\/b>\u00a0<\/span><\/h2><p><span style=\"color: #000000;\">The interdependence among the MIIs has significantly increased as a result of the altered market dynamics in the Indian securities markets. The cyber risk of any one MII is no longer restricted to the MII&#8217;s owned or controlled systems, networks, and assets since the MIIs are linked and dependent on one another to perform their responsibilities. SEBI stated this in regard to adopting new regulations.\u00a0<\/span><\/p><h2><span style=\"color: #000000;\"><b>SEBI\u2019s New Guidelines<\/b>\u00a0<\/span><\/h2><p><span style=\"color: #000000;\">According to the new regulations, MIIs must keep offline, encrypted copies of their data and verify those backups frequently\u2014at least once every three months\u2014to guarantee their confidentiality, integrity, and availability. \u00a0<\/span><\/p><p><span style=\"color: #000000;\">Critical systems must have up-to-date &#8220;gold images&#8221; maintained by MIIs in case they need to be rebuilt. This involves keeping image &#8220;templates&#8221; that may be swiftly deployed to reconstruct a system, such as a virtual machine or server, and include a preset operating system (OS) and related software applications. \u00a0<\/span><span style=\"color: #000000;\">\u00a0\u00a0<\/span><\/p><p><span style=\"color: #000000;\">In the case that commencing MII&#8217;s operations from both the principal data centre (PDC) and disaster recovery site (DRS) are not practical, MIIs should investigate the feasibility of keeping spare hardware in an isolated environment to reconstruct systems.\u00a0<\/span><\/p><p><span style=\"color: #000000;\">The MIIs should also make an effort to maintain backup hardware in a usable form so that it can supply crucial services. These systems must be updated whenever new updates (such as OS patches and security patches) are made to the primary systems. In accordance with the MIIs&#8217; reaction and recovery strategy, this spare hardware should undergo testing on a regular basis. \u00a0<\/span><\/p><p><span style=\"color: #000000;\">Regular business continuity exercises should be conducted by MIIs to evaluate how well the organization is prepared for ransomware attacks and how well the local security policies are working. Recovery after a ransomware attack is one such drill scenario that is advised to be evaluated given that both PDC and DRS have been affected. This would evaluate how well people, processes, and technology are able to counter such threats.\u00a0<\/span><\/p><p><span style=\"color: #000000;\">In order to reduce the attack surface, MIIs should also do routine vulnerability scanning to find and fix vulnerabilities, particularly those on internet-facing devices. \u00a0<\/span><\/p><p><span style=\"color: #000000;\">SEBI instructed MIIs to use Multi Factor Authentication (MFA) for all services, saying that MIIs are systematically significant entities as they supply the infrastructure required for the efficient operation of the securities market.\u00a0<\/span><\/p><h2><span style=\"color: #000000;\"><b>Bottom line<\/b>\u00a0<\/span><\/h2><p><span style=\"color: #000000;\">Such measures underline the importance of fortifying cyber infrastructure to shield both market participants and investors from potential risks, and SEBI&#8217;s decision to strengthen cyber security norms for stock exchanges, clearing corporations, and depositories is both timely and crucial in the face of increasing cyber threats.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>SEBI has released new guidelines in order to reinforce the current framework for cyber security and cyber resilience at market infrastructure organizations including stock exchanges, clearing companies, and depositories,\u00a0 Reason for launching new guidelines\u00a0 Stock exchanges, clearing organizations, and depositories are considered market infrastructure institutions by SEBI since they, among other things, offer the infrastructure &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/bhimmarkets.com\/blog\/sebi-releases-new-guidelines-to-improve-cybersecurity-framework-for-stock-exchanges\/\"> <span class=\"screen-reader-text\">SEBI releases new guidelines to improve cybersecurity framework for stock exchanges.<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[12],"tags":[14],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI enhances stock exchange cybersecurity with new guidelines.<\/title>\n<meta name=\"description\" content=\"SEBI boosts cybersecurity 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