“We are worried over state sponsored cyberattacks. There are worries that the vulnerability in markets are increasing. We need to create a framework for future plan of action on securities market resilience,” Sebi chairman U K Sinha said here at Cyber Security & Resilience conference, organized by Sebi and the BSE.
He said cyberattacks are occurring these days in a more sophisticated manner and there is a need to create awareness in the market.
“Cyberattacks are very common in financial sector and happening in a greater sophisticated manner. The adoption of new technologies have both advantages as well as challenges, but we need to create more awareness,” Sinha said.
The global body for securities regulators, International Organisation of Securities Commissions (IOSCO) is also working with regulators on how to improve liquidity risk management, he added.
According to government data, more than 700 government websites that are hosted under ‘gov.in’ and ‘nic.in’ domains, have been hacked by cybercriminals since 2012.
Cyberthreats will continue to multiply. The advent of the digital world, and the inherent interconnectivity of people, devices and organizations, opens up a whole new playing field of vulnerabilities, according to a Ernst & Young report that was cited during the conference.
Maharashtra governor Vidyasagar Rao said: “The growing adoption of internet and smart phones and the rising popularity of online banking, online trading and e-commerce has made India one of the most favourite counties among cybercriminals. The number of cybercrimes in India may touch 3 lakh in 2015, almost double from the last year.”
He added: “We need ecosystem to protect the economic sovereignty of the nation. We also need to evolve a full proof cybersecurity mechanism to protect the economic integrity of our corporates, MNCs, and business organizations.”
He said there is a need to invest in people, processes and technology to ensure the necessary resilience to quickly detect, act and recover from cyberattacks and that every organization must have a digital forensic team to prevent and deal with such attacks.