Media Release
SEBI along with BSE and Ernst & Young conducted seminar on Cyber Security and Resilience
April 8, 2015. The SEBI along with BSE and Ernst & Young organized a seminar on Cyber Security and Resilience today. The seminar was graced by the Shri CH. Vidyasagar Rao, Hon’ble Governor of Maharashtra, Shri U.K. Sinha Chairman, SEBI, Shri R. K. Agarwal, Whole Time Member, SEBI , Shri S Ramadorai, Chairman, BSE, Shri Ashishkumar Chauhan, MD & CEO, BSE, Prof. V.S. Subrahmanian, Professor – Dept. of Computer Science, Director – Center for Digital International Government.
A series of panel’s discussion took place in a daylong event where in the eminent panelist discussed about the need for awareness on cyber security and its importance in the role of financial services sector. With the landscape change in the technology sector, it is imminent that the companies understand the need for security and create an appropriate infrastructure for the same. Along with the infrastructure, there is a pertaining need for the companies to train its employees to handle such ecosystem. The panelist also dwelled upon important initiatives taken by the government of India. .
Post the Panel discussion there was a Round table held on need for an effective cyber security policy. The discussion revolved around the preparedness of companies to cyber threat, Creation of a an action plan to be implemented at ground level, implementation models, people, process, technology, governance and management support.
Speaking on this occasion Shri U.K Sinha, Chairman, SEBI said “There are known threats and unknown threats. When we know our threats we can protect, build, and make a security infrastructure framework strategy. But it’s not enough. We can protect our organizations and its network from known threats and, we have unknown threats like in the case of cybersecurity incidents, The risk is the amount of effect it has on the business and therefore one can only do a guess work in terms of protecting the network Globally the challenge for all the markets and regulators is to asses the gap and prepare for maintaining the sanctity of the markets. Openness and co-operation will help in a big way”
Speaking on this occasion Shri S Ramadorai, Chairman BSE said “Cybersecurity measures in the financial services industry need for vigilance and necessity to protect sensitive data and systems. We need the expertise within all levels of the team along with the process, technology blend within organization”
Speaking on this occasion Shri Abizer Diwanji, Partner and National Leader – Financial Services, Ernst & Young said “Information technology (IT) is often a high-level agenda item discussed at least annually in most board rooms. Cybersecurity is not just a technology issue; it’s a business challenge that requires an enterprise-wide response. Effective information security transformation requires leadership, commitment and the capacity to act. The conference aimed to highlight the need for cyber security and the threat it posed for free market operations. The conference also aims to highlight the need for government directives and tighter information and technology laws.”
About BSE Ltd
BSE (formerly Bombay Stock Exchange Ltd.) – Established in 1875, BSE, is Asia’s first Stock Exchange and one of India’s leading exchange groups and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing. BSE also has a dedicated platform for trading in equities of small-and-medium enterprises (SME).
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. Indian Clearing Corporation Limited, the wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on BSE platform and provides full innovation guaranteeing the settlement of all bonafide trades executed on the BSE Platform. BSE Institute Ltd, a fully owned subsidiary of BSE, runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), a subsidiary of is one of the two central depository services in India.
About EY
EY is a global leader in its Assurance, Tax, Transaction and Advisory services. Our insights and the quality services we deliver help to build trust and confidence in capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.
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Yatin Padia – 022 2272 8516 / Ketan Mehta – 022 2272 8321
Marketing Communications
yatin.padia@bseindia.com / ketan.mehta@bseindia.com