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Maharashtra Governor Vidyasagar Rao has called for educating and sensitising people, especially the youth, on how to reduce their vulnerability to cyber crime.
Addressing the Cyber Security and Resilience conference hosted by SEBI and BSE in Mumbai on Wednesday, Rao said, “Schools and colleges must begin each academic year with a specialised talk on cyber security, cyber crime and safe use of the Internet.
“I am told manipulation of stock exchanges is the new modus operandi used by terrorist groups to raise funds for their operations. We need ecosystems to protect the economic sovereignty of the nation. We also need to evolve a foolproof cyber-security mechanism to protect the economic integrity of corporates, multinational corporations, and business organisations,” he added.
Rao said the number of cyber crimes in 2015 is likely to touch three lakhs (double of 2014). He was particularly concerned about mobile phone fraud as 35-40 per cent of transactions were being done on mobile devices these days.
He observed that the Maharashtra Chief Minister had announced the creation of a 1,000-strong cyber force to tackle cyber crime, besides having plans to set up cyber laboratories in every district with the help of the IT industry body, Nasscom.
Speaking on the occasion, U.K. Sinha, Chairman, SEBI, said, “There is a need to create a framework for a future plan of action on securities market resilience. Across the world, securities markets are vulnerable as adoption of technology has not only been fast, but dependence on technology is also 100 per cent. The worry is that such attacks are getting sophisticated.”
Sinha said some of these cyber attacks could be state sponsored and had a huge impact on the larger system/ society /nations. He also felt the impact of such crimes pervaded every sector and not just financial services.
Sinha was concerned about attempts to modify/ corrupt/ delete master transaction data, denial of service, and market disorders.
He said, “The risk is the effect it has on business and, therefore, one can only guess in terms of protecting the network. Globally, the challenge for all the markets and regulators is to assess the gap and prepare to maintain the sanctity of the markets. Openness and co-operation will help in a big way.”
Creating awareness, use of risk mitigation tools, frequent audits, and situation/ mock drills were necessary, concluded Sinha.
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