The Securities and Exchange Board of India has issued guidelines for cyber security and cyber resilience in market infrastructure institutions (MII) such as stock exchanges, clearing corporations and depositories. According to SEBI, there has been a surge in cyber risk in capital markets owing to the interdependency of various entities under market infrastructure institutions. The guidelines are applicable beginning August 29, and MIIs have been asked to put in place systems for implementation of the guidelines within 120 days of issuance.
The guidelines include 23 norms including maintenance of encrypted backup data and gold images of critical systems that MIIs need to follow in order to boost cyber security.
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