BSE partners with Lucideus; will provide SOC as a Service to brokers
BSE, has signed a Memorandum of Understanding (MoU) with Lucideus, a cyber security provider in India to ward off potential cyber threats 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 & 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.
Commenting on the development, S. Ravi, Chairman, BSE, said, “With an evolving array of potential cyber-attacks, it has become essential to have robust cyber security in place and safeguard the interests of our stock brokers. Even a minor cyber security breach could have massive economic and financial consequences. By associating with Lucideus, the leader in cyber security services and solutions, we aim to strengthen the cyber security 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.”
Commenting on the partnership, John Chambers, former Chairman & CEO of Cisco, and current Founder & CEO of JC2 Ventures, said “As the fastest stock exchange in the world, BSE is a global benchmark for companies today. BSE has always been in the forefront of enabling cutting-edge technology solutions, and Lucideus has been a game-changer in the cybersecurity industry since its inception. This will be a true win-win partnership for not only BSE and Lucideus but also for the entire broker community and their customers. Together, BSE and Lucideus will ensure the safety and security of data, in line with the global best practices that the SEBI framework covers.”
Saket Modi, CEO & Co-Founder of Lucideus, said “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 cyber security posture of the enterprise.
