New Delhi: Regulator SEBI has envisaged a three-tier structure to bolster cyber security in the securities market and plans to deploy data analytics and new generation technologies to deal with various challenges.
SEBI plans to set up a Cyber Security and Compliance Reporting System for the regulated entities that will collaborate with government as well as other national and international regulators to tackle such vulnerabilities, the capital markets watchdog said in its annual report for 2018-19.
Besides, a Cyber Capability Index will be developed to assess the cyber security preparedness and resilience of the market infrastructure institutions (MIIs), which include stock exchanges, clearing corporations and depositories, Securities and Exchange Board of India (SEBI) said.
Such Index will not only improve the oversight of cyber security implementations but will also help to gauge the level of implementation of the guidelines issued by Sebi from time to time, it added.
"SEBI has envisaged three-tier structure in the securities market to monitor cyber security-related events and take action as deemed necessary in the interest of the securities market," the annual report noted.
Further, the regulator plans to ask stock exchanges to enhance their analytical capabilities so as to improve the analysis of filings done by the listed companies in XBRL format -- an electronic format for communication of business and financial data.