BSE signs MoU with Lucideus to raise cybersecurity & safeguard stockbrokers’ interest

Mumbai: BSE, India’s top stock exchange today signed a Memorandum of Understanding (MoU) with Lucideus, a cybersecurity provider in India, to enhance cybersecurity and protection for the stockbrokers as per the SEBI guidelines.

Under the MoU, Lucideus will build and provide a Security Operations Center (SOC) as a service using company’s Artificial Intelligence (AI) and Machine Learning-based Security Assessment Framework for Enterprises (SAFE) solution.

The SAFE solution will help to build a cybersecurity and cyber resilience framework for stockbrokers/depository participants as per the market regulator’s guidelines released on December 3, 2018.

It is 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 in real-time.

“With an evolving array of potential cyber-attacks, it has become essential to have robust cybersecurity in place and safeguard the interests of our stockbrokers. Even a minor cybersecurity breach could have massive economic and financial consequences,” said S Ravi, Chairman – BSE.

“By associating with Lucideus, a leader in cybersecurity services and solutions, we aim to strengthen the cybersecurity framework, tackle the challenges of the capital markets’ ecosystem, and adhere to SEBI’s guidelines to protect the integrity of data and guard against breaches of privacy,” added Ravi.

“This will be a true win-win partnership for not only BSE and Lucideus but also for the entire broker community and their customers,” said John Chambers, former Chairman-CEO of Cisco and the current Founder-CEO of JC2 Ventures.

“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,” said Saket Modi, Co-Founder-CEO of Lucideus.

Chamber’s JC2 Ventures is one of the leading investor in Lucideus.

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