08 April, Mumbai
Capital market Regulator Securities and Exchange Board of India, SEBI Chief UK Sinha said that cyber attacks in India are getting more sophisticated and the vulnerability of securities markets is increasing and the adoption of technology by these attackers seems to suggest the involvement of states, in some cases.
He was addressing the first cyber security and resilience conference organized jointly by SEBI and Bombay Stock Exchange at BSE hall in Mumbai Wednesday . He said that there is a need for a framework to fight cyber-crime in securities markets.
He further said that such crimes done by people who have the best of technology and resources, and some of them are state-sponsored. It has a huge impact on larger systems, society and nations. He further added that these attacks are not just restricted to the financial services sector but are spread across all sectors of the economy.
Maharashtra Governor C Vidyasagar Rao inaugurated the conference. Addressing the event, he said that growing adoption of internet and smart phones and rising popularity of online banking and trading has made India as one f the most favorite countries among cyber criminals.
Manipulation of stock exchanges is the new modus operandi used by terrorists to raise funds for their operations. Expressing concern about rising cyber crimes he said that in such situation we desperately need a full proof cyber security mechanism to protect the economic integrity of our corporate, Multinational companies and business organizations.
While praising SEBI and BSE’s attempt for bringing the issue of cyber security and resilience into sharp focus through this conference, Governor expressed hope to that the conference should become a regular annual feature.
BSE chairman S Ramadorai and other top representatives of security forces were also present on the occasion.