Mumbai, April 15, 2019: 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.”
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. 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 (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in delivery-based futures contract in gold (1 kg) and silver (30 kg).
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’s 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, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
About Network Intelligence:
Network Intelligence is a global cybersecurity services provider founded in 2001. We have more than 600 team members and offices across the globe. We offer services across 6 broad spectrums i.e. Assessment, GRC, Professional Services, MSSP, Technologies & Cybersecurity Trainings. Our experience and expertise cover industry verticals such as Banks and Financial Services, Technology and Media, Oil & Power, Airlines, E-commerce portals, Retail, etc. We believe that cybersecurity is not a destination, it is a journey and we partner with our clients to address the dynamic cybersecurity threat landscape. Contact us at [email protected] or visit: https://www.niiconsulting.com/