Sebi goes all-out to up cyber security, hire advisor

New Delhi: To firewall securities markets from cyber threats, Sebi is looking to further beef up policy framework on this front and plans to appoint an advisor for such security and other IT initiatives.

Sebi has already asked stock exchanges and other institutions to keep a constant vigil on online threats globally and take lessons to put in place necessary safeguards.

The Securities and Exchange Board of India (Sebi) will appoint an advisor for cyber security and information technology, who will be responsible for strengthening its regulatory policy framework in this space, according to the latest update with the regulator.

The advisor would monitor implementation of these regulatory policies across securities markets and also help enhance capacity building at Sebi and various market participants with respect to cyber security.

The officer would also develop a stress testing mechanism to mitigate risks arising out of cyber attacks while a framework will be put in place for taking correctives and a prudent response in case of such an emergency at the regulator or market participants.

The advisor would also observe developments in cyber technology and security space and prepare inputs for regulatory policy development. The officer would also formulate IT strategy and identify specific initiatives and a 5-year road map.

Sebi has invited applications from eligible persons for the post of Advisor, Cyber Security and Information Technology, who will need at least 10-15 years of experience in cyber security/IT, audit of IT systems, assessment and implementation of business continuity and disaster recovery programs and development of critical IT systems.

The person should have experience at a fairly senior level as head of a large unit of an IT company or an IT unit of a bank, financial institution or market infrastructure institution. The advisor will be appointed on 'contract and part time basis' for three years.

Sebi, in May, had set up a four-member panel on cyber security to suggest measures to ring fence capital markets from such attacks.

Last month, the regulator said it will undertake a comprehensive review of technology and systems at all market institutions, including exchanges, to safeguard the marketplace from cyber threats and technical glitches.

Sebi had held a meeting with the stock exchanges on July 28 against the backdrop of the recent case of technical glitch at leading bourse NSE, due to which trading had to be halted for over three hours on July 10.