Need for Cyber Security Framework for Depository Participants
In order to provide necessary facilities and carry out systemically important functions related to the securities market, it is desirable that stock brokers and depository participants have strong cyber security and cyber resilience frameworks.
Need for Cyber Security Framework for Asset Management Companies
In order to provide necessary facilities and services and carry out key tasks in the securities market, Asset Management Companies (AMCs) must have a strong cyber security and cyber resilience framework as part of operational risk management.
How it works?
We share audit charter with the auditee highlighting the roles and responsibilities of the audit function as well as the audit objectives.
We provide Auditee a DRL highlighting the required policies and further analysis of the same will be performed in line with the compliance.
Document Requirement List
Quantitative/Qualitative Risk Assessment will be conducted for every business process in scope and risk will be analyzed.
Identification & Analysis
Then the action points as well as risk response methodology will be suggested via GAP Assessment Report and an action plan will be asked from the auditee.
Then we conduct review again post-deployment of the mitigations.
In order to safeguard the interests of stockholders, encourage the growth of the
securities market, and regulate it, this circular is being issued in accordance with the
authority granted by Section 11 (1) of the Securities and Exchange Board of India Act,1992. Given this, all stock exchanges and depositories were sent the following circulars outlining fundamental cyber security controls:
Circular No: SEBI/HO/MIRSD/CIR/PB/2018/147
Circular No.: SEBI/HO/MIRSD/TPD/P/CIR/2022/80
Do you know?
According to a report by Deloitte, India's mutual fund industry is expected to face a cyber security breach by 2022
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