Stocks

Brokers plea on cyber-security norms

Our Bureau Mumbai | Updated on July 24, 2020 Published on July 24, 2020

Stock brokers association ANMI has sought extension in the deadline for implementation of cyber security related norms till December. Brokers said an NSE circular says that the systems auditor should have minimum 3 years of experience in IT audit of securities market covering all the major areas mentioned under Terms of Reference.

“Cyber security should be included in the system audit instead of doing it separately as many audit areas overlap such as access control, password security, session management, network integrity, backup and recovery etc. This will allow members to undertake a single yearly audit at lower cost. SEBI has mandated STQC level 4 certification of back-office software. However, software vendors have expressed their inability to do the same. SEBI should hold a meeting with vendors and try to arrive at a consensus and implementation plan with adequate time frame,” ANMI said.

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Published on July 24, 2020
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