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The Securities and Exchange Board of India has issued new safeguards for regulated intermediaries like stock exchanges, depositories, and mutual funds to strengthen its cybersecurity policy. For depositories, stock exchanges, and other regulated entities, SEBI issued an advisory on February 22, 2023, requesting that they define the duties and responsibilities of the (CISO) chief information security officer and other senior personnel in light of the growing cybersecurity threats to the securities market. Additionally, it required them to make the security policy’s reporting and compliance requirements crystal clear. We’ll talk about the CSRIT-Fin recommendation and the advisory for regulated entities regarding cyber security in this blog.
To protect the investor’s interest in securities, to encourage the growth of the securities market, and to regulate it, this circular is being issued in accordance with the authority granted under Section 11 (1) of the Securities and Exchange Board of India Act, 1992[1]. The advisories that are released shall take effect immediately, and they are as follows:
This advice should be read in connection with any relevant SEBI circulars (such as the frameworks for annual system audits, cybersecurity, and cyber resilience, among others) and any changes that have been released by SEBI from time to time.
The regulated entities must submit their cybersecurity audit report and the compliance of the recommendation (conducted as per the applicable SEBI Cybersecurity and Cyber Resilience framework). The compliance must be reported in accordance with the current reporting process and the frequency of the relevant cybersecurity audit.
The following twelve procedures, recommended by CSIRT-Fin, are advised to be implemented by SEBI Regulated Entities (REs) in light of the growing cybersecurity threat to the securities market:
Global cyber strategy and tactical cybersecurity operations have been considerably impacted by the geopolitical events of the previous year, according to the World Economic Forum’s Global Cybersecurity Outlook 2023. The efficiency of cybersecurity controls with third parties is increasing, so efforts are made to tighten internal policies and procedures. It shows that immediate organisational actions to cyber risk will have a favourable long-term effect. SEBI’s guidelines present an opportunity to put the issues under control which will not only protect them today but helps to avoid these threats in future.
Also Read:SEBI Investment Advisors Amendment Regulations 2020Requirements for Investment Advisors Registration with SEBISEBI modifies cyber security framework for Stock Brokers/ Depository Participants
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