In the latest SEBI news “The Securities and Exchange Board of India” has published their annual report for 2019-20 in which they recorded that cyber-attacks and hacker attacks endeavor to undermine the confidentiality, integrity, and availability of the computer systems, networks, and databases in the eco-system of the market.
Large-scale digitalization of the year 2020 has impacted all types of organizations, from educational boards to commodity markets, and hence, to add to the cybersecurity of the market regulations, SEBI is going to implement some major advances.
Importance of the set-up:
SEBI’s latest news is the regulator of the securities and commodity market in India. They are currently focused on the task of establishing a cybersecurity fusion center, where they will detect cyber threats faster and resolve cybersecurity-related issues efficiently and effectively.
Setting up a cybersecurity fusion center or a cyber lab is an element of SEBI’s three-tier structure for tracking and controlling in the securities markets and taking actions as regarded needful to protect the cybersecurity and cyber-privacy of the market.
The three-tier structure would strengthen the cybersecurity alacrity or fortitude of the securities market ecosystem, which is what is proposed by SEBI.
According to the latest SEBI news and plan layouts, through the first tier, a high-efficiency guiding committee for cybersecurity has been established which will be led by a full-time affiliate of the Board.
While the cybersecurity fusion will be set up as a part of the second-tier, the third tier will involve coordination of the division of cybersecurity and technology with tier numbers 1 and 2 i.e the guiding committee and the cybersecurity center as well as with operation centers at respective market infrastructure institutions (MIIs).
Normally cybersecurity fusion centers establish cooperation among all the teams involved in cybersecurity to minimize the impact of a security breach or cyber-attacks through faster identification and response.
Cyber resilience is any organization’s capability to prepare and respond to cyber-attacks and cyber-hacks and to recover from and continue operations during them.