Next-generation cyber Security Operation Center to provide BSE round-the-clock security, strengthen cyber defence and safeguard stakeholder assets
IBM (NYSE: IBM) today announced that BSE (formerly known as the ombay Stock Exchange Ltd), the oldest stock exchange in Asia and now the fastest exchange in world, has selected IBM Security to design, build and manage a cyber Security Operation Center to safeguard the company’s assets and protect stakeholder data. Under the five-year managed security services agreement, the center will enable around-the-clock security event monitoring, event handling, security analysis, incident management and response along with synchronized management of devices, networks and applications.
Given that the financial services sector continues to be targeted by cyber criminals, BSE wanted to build a next generation security center to protect valuable digital assets belonging to the company, customers and stakeholders, while complying with SEBI & National Institute of Standards and Technology (NIST) cyber security framework.
BSE and IBM Security Services consultants worked to define the vision, strategy, architecture, processes and organization needed to develop a framework around the five key pillars of the business endpoint devices, network, business applications, data and users – to define how the next generation SOC will operate. It will ensure proactive monitoring of threats 24×7, detection and analysis of any suspicious change in activity, protection against emerging threats and response, while ensuring resiliency of the system. IBM will work with BSE to integrate security solutions that will add new capabilities to the SOC infrastructure, as well as, develop a new, highly collaborative IBM and BSE framework for the multi-tenant, next generation SOC.
“The end-to-end security solutions, services and global expertise from IBM will help BSE consolidate and fortify best practices under one umbrella. With the SOC, BSE hopes to pre-empt security risks and respond to them, thereby, staying ahead of security threats. There was a very competitive and stringent technology evaluation process, from which we found that IBM had the most compelling value proposition and security road map for BSE,” said Shivkumar Pandey, CISO, BSE.
“Cyber criminals are constantly evolving their tactics to succeed whether for financial gain or even disruption. In such situations, it is critical to have a security operation center approach which integrates various security protocols and technology under one roof. We are delighted to partner with BSE to help them leverage the best in class security solutions, delivering an integrated system of analytics, cognitive and real-time defenses,” said Sandeep Sinha Roy, Business Unit Executive, IBM Security Services, India.
BSE ( Formerly Bombay Stock Exchange), established in 1875, BSE is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is 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 (SMEs). 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, the wholly owned subsidiary of BSE, acts as the central counter party to all trades executed on BSE platform and provides full novation, 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 BSE, is one of the two Depositories in India.
About IBM Security
IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM X-Force® research, enables organizations to effectively manage risk and defend against emerging threats. IBM operates one of the world’s broadest security research, development and delivery organizations, monitors 35 billion security events per day in more than 130 countries, and holds more than 3,000 security patents.