BSE inks MoU with Lucideus to secure stock brokers

BSE has signed a Memorandum of Understanding (MoU) with Lucideus to ward off potential cyberthreats and secure stock brokers’ interests, as per the SEBI guidelines.

Lucideus will build and provide a Cyber Security Operations Center (SOC) as a service using Lucideus’ Artificial Intelligence and Machine Learning-backed Security Assessment Framework for Enterprises (SAFE) solution as per the Cyber Security and Cyber Resilience framework for Stock Brokers / Depository participants released by the market regulator on 3rd December, 2018.

SAFE will be able to provide the entire broker community a single-click subscription option, where they can opt into the solution that will be offered via Marketplace Tech Infra Services (a wholly-owned subsidiary of BSE). It will provide an on-premise SAFE-in-a-box solution synced with Lucideus SAFE solution hosted at the BSE Data Centres to provide real-time monitoring of all parameters covered in the guideline. The on-premise box solution will host open-source tools along with the SAFE software that will aggregate insights from each terminal and sense the network security controls to send them along with the sys-logs to SAFE to be processed in real time.

S. Ravi, Chairman, BSE, says, “With an evolving array of potential cyberattacks, it has become essential to have robust cybersecurity in place and safeguard the interests of our stock brokers. Even a minor cybersecurity breach could have massive economic and financial consequences. By associating with Lucideus, the leader in cybersecurity services and solutions, we aim to strengthen the cybersecurity framework, tackle all the challenges pertaining to capital markets ecosystem and adhere to SEBI’s guidelines to protect the integrity of data and guard against breaches of privacy.”

Saket Modi, CEO & Co-Founder, Lucideus, says, “Lucideus is committed to working with BSE and market participants to monitor developments and protect them against the threats through cyber intrusion, denial of service attacks, manipulation, misuse by insiders and other cyber misconduct. In such uncertain times with global Fortune 500 companies being hacked regularly, we are confident of delivering a platform (via SAFE) that the entire broker ecosystem and the regulator can rely upon.”

The SAFE platform integrates with the existing technology stack of an enterprise to provide a real-time cyber risk assessment (a number between 0-5) at a macro level across the organization that can be broken down into micro-level scoring individually for each asset. It considers controls across people, process and technology. With this, Lucideus aims to make cyber risk an informed business decision such that it will allow the security team to communicate to the non-tech specialists (CXOs, Business Unit Leaders and Board) about the cybersecurity posture of the enterprise.