MUMBAI: Bombay Stock Exchange (BSE), India’s largest stock exchange has entered a Memorandum of Understanding (MoU) with Network Intelligence, a global cybersecurity services provider & CERT-IN empanelled vendor to provide cybersecurity services to its members in line with the cybersecurity framework set by SEBI.
In late 2018, SEBI had released its “Cybersecurity & Cyber Resilience framework for Stock Brokers / Depository Participants”. After a detailed assessment and capabilities evaluation by BSE, Network Intelligence India (NII) was selected as one of its partners to provide these services to its members.
Network Intelligence will be using its own developed platform – BlueScope© to offer 24×7 cyber security operations to the members. In addition, Network Intelligence, will be using leading technology solutions to provide other services including VAPT, Asset Management, Endpoint Security, Network Security etc. All the activities will be conducted from its state-of-the-art Next Gen Cybersecurity Operations Centre (CSOC) based in Mumbai.
Commenting on the development, Shri Ashishkumar Chauhan, CEO BSE, said, “Our aim is to safeguard the interests of our stock brokers and robust cyber security in place. By associating with Network Intelligence, who are the leaders in cyber security services and solutions, we aim to strengthen the cyber security framework, tackle all the challenges pertaining to capital markets ecosystem and adhere to SEBI’s guidelines to protect the integrity of data and guard against breaches of privacy.”
Earlier, BSE had associated with John Chambers’ backed Lucideus to secure stock brokers as per SEBI guidelines using SAFE. The SAFE platform integrates with the existing technology stack of an enterprise to provide a real-time cyber risk assessment (a number between 0-5) at a macro level across the organization that can be broken down into micro-level scoring individually for each asset. It considers controls across people, process and technology.
K K Mookhey, Founder & CEO of Network Intelligence said, “BFSI industry is the backbone of our economy. We welcome the steps taken by SEBI & BSE in addressing the need to protect the entire eco-system against the ever-increasing cyber threat landscape. BFSI customers contribute to more than 60% of our business. We are well versed with the setup and understand what needs to be done. Off late, we have seen a lot of targeted attacks in this vertical. Our partnership with BSE, will enable us to play an important part in providing specialized cybersecurity monitoring, detection and incident response capabilities to its members.”