The SEBI along with BSE and Ernst & Young organized a seminar on Cyber Security and Resilience today. 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 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 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 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.”
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