The Securities and Exchange Board of India (“SEBI”) vide its circulars dated October 15, 2019 (“October Circular”) and May 30, 2022 (“May Circular”) (collectively the “Cyber Security and Resilience Framework”) had prescribed framework for cyber security and cyber resilience for all the KYC registration agencies (“KRAs”).
SEBI now vide its circular dated July 5, 2022 (“Circular”), has modified paragraph 51 (Sharing of Information) of the Annexure A of the October Circular to read as under:
“51. All Cyber-attacks, threats, cyber-incidents and breaches experienced by KRAs shall be reported to SEBI within 6 hours of noticing / detecting such incidents or being brought to notice about such incidents.
The incident shall also be reported to Indian Computer Emergency Response team (CERT-In) in accordance with the guidelines / directions issued by CERT-In from time to time. Additionally, the KRAs, whose systems have been identified as “Protected system” by National Critical Information Infrastructure Protection Centre (NCIIPC) shall also report the incident to NCIIPC.
The quarterly reports containing information on cyber-attacks, threats, cyber-incidents and breaches experienced by KRAs and measures taken to mitigate vulnerabilities, threats and attacks including information on bugs/ vulnerabilities/threats that may be useful for other KRAs shall be submitted to SEBI within 15 days from the quarter ended June, September, December and March of every year. The above information shall be shared through the dedicated e-mail id: firstname.lastname@example.org. The format for submitting the quarterly reports is attached as Annexure B.”
The Circular will come into force with immediate effect.
Please find a copy of the Circular here and a copy of the Cyber Security and Resilience Framework (i.e. the October Circular here and the May Circular here).
This update has been contributed by Swaraj Narula (Senior Associate).
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