‘Protecting NCI organizations from possible cyberattacks, is a priority in an era of data privacy and compliance’, say practitioners at NSE Future Tech 2018
Mumbai / Chennai, September 4, 2018: National Stock Exchange of India Ltd. (NSE), India’s leading stock exchange today organized the NSE Future Tech 2018, which brought together the global and local opinion makers into a conversation about the technology, its ramifications and the extent to which cyber security threats are a reality in today’s world. On the backdrop of new dimension of privacy and compliance now coming to the fore, the cyber security experts emphasised on initiating steps to help mitigate the subsequent risk arising out of these sensitive threats.
Collective & well-collaborated effort by strongly Interlinked Capital Market Eco-system, comprising of Exchange platforms, the Trading, Depository and Clearing Members, and striking a fine balance in financial costs to successfully thwart them, in an era of data privacy and compliance, have emerged as the key twin challenges before the Cybersecurity practitioners across the globe, in mitigating cyber security threats.
Speaking on the occasion, Mr Vikram Limaye, MD & CEO, NSE said: “As leaders in the capital market space, it is our responsibility to set the standards and the FutureTech series is one of the many initiatives taken up by NSE to bring about the change through talent empowerment and investment in innovation. Our focus is on building resiliency and security to ensure that the capital markets and its constituents are able to provide the services that they are intended for.’’
It is in this context that the Capital Market eco-system is considered as one of the important segment in the National Critical Infrastructure (NCI) of any economy and rendering it vulnerable and susceptible to cyber breaches or security threats would damage and impair the economic and social fabric of the nations.
A typical exchange platform today has a fully-integrated capital market infrastructure comprising listings, trading, clearing and settlement, indices, market data feeds, technology solutions and financial education offerings and any of the individual segment getting impacted by the cyberattack would potentially upset the financial, economic and even social fabric of countries.
Global and Local Cybersecurity practitioners today discussed and analyzed the ramifications of the possible cybersecurity attacks in the Financial and Capital markets eo-system, and emphasized on building the required resilience in the National Critical Infrastructure (NCI) organizations in the overall Capital Market segment, to help combat and withstand them.
During the event, the global and local cybersecurity practitioners discussed and analysed the risks and threats facing NCI organisations, and how the organisations can build the resilience needed to withstand a cyber-attack with the increasing costs of security and how to manage them.
There were various sessions held by eminent speakers like Mr. Steve Ledzian, Sr. Director – FireEye who spoke on Cyber Security Risk for the Financial Services Industry. Dr. Ajeet Bajpai, Director-General – NCIIPC shared his views on Protecting Critical Infrastructures.
The event is a part of the series of conferences that NSE has been conducting since 2014, the Future Tech conference series by NSE looks at technologies that are expected to have a significant impact on Capital Markets, and brings together global and local audiences into a conversation about the technology, its ramifications and the extent to which it is a reality in today’s world. The conference tries to separate marketing hype from actionable reality while looking ahead at how things change.
NSE MD & CEO Welcome Address
Emerging technologies and waves of digitisation across industries have transformed the world and provide lucrative opportunities for businesses today. At the same time, they unveil new challenges and expose organisations to new risks. Cyber-risk is one such risk which has come to the fore in recent years.
World Economic Forum states that Cyber-attacks as one of the 4 major risks today and in the years to come. The Ponemon Institute’s 2017 Cost of Data Breach Study pegs organisations in India, Brazil and South Africa as the most likely to experience a material data breach in the next 24 months.
The potential for large-scale cyber-attacks on financial markets infrastructure at a very low cost is a major risk across the globe. Increasing global interconnectedness and complexity of systems make the risk of a large scale cyber-attack even more pertinent and threaten the stability of financial markets. The capital markets, unfortunately, are greatly intertwined – an attack on any of the players in the chain – members, exchanges, clearing houses, depositories and others – has the potential to destabilise or derail the entire market. In the capital market, all our fates are interlinked and individual players being strong on their own security is no longer enough; we will sink or swim collectively.
We cannot prevent all the attacks that emanate from outside of our environment and beyond our circle of influence. Hence, we need to realise this and measure “what is important” and “what is real”. And, invest our resources in innovating for value in this space. We need to empower our people, prioritise, adapt, transform and scale so that we effectively mitigate the current and future threats.
As leaders in the capital market space, it is our responsibility to set standards and drive this program. The FutureTech series is one of the many initiatives taken up by NSE to bring about this change. We intend to build a sense of trust and direction for ourselves and the participants in this space. The focus is on building resiliency and security so as to ensure that the capital markets and its constituents are able to provide the services that they are intended for.
We have esteemed speakers from across the Globe in various fields of research and practise. We hope you have a very fruitful and productive day ahead.
