BSE issues cybersecurity advisory amid rising Pakistan-linked threats to Indian BFSI Sector

BSE has issued a critical advisory to market participants following a cybersecurity alert from the Indian Computer Emergency Response Team (CERT-In), which highlights an ongoing cyber threat campaign specifically targeting organizations within India’s Banking, Financial Services, and Insurance (BFSI) sector.

The advisory serves as a precautionary measure, urging market participants to bolster their cybersecurity defenses against potential high-impact cyber-attacks, including ransomware, supply chain intrusions, Distributed Denial-of-Service (DDoS) attacks, website defacements, and malware.

“Market participants are particularly advised to take precautionary measures on potential cyber risks including high-impact cyber-attacks such as ransomware, supply chain intrusions, DDoS attacks, website defacement and malware,” a circular stated.

Precautionary Measures for Indian Market Participants

The advisory urges market participants to take immediate action in response to the ongoing cyber risks. The following steps are recommended:

Ensure Security Controls: Review security controls to ensure they comply with the SEBI Cyber Security and Resilience Framework (CSCRF), as per the latest guidelines issued on 20th August 2024.Conduct Risk Assessments: Identify vulnerabilities and take corrective measures to mitigate risks.Strengthen Security Monitoring: Enhance system security monitoring and update incident response plans to quickly address any potential breaches.

Leverage Threat Intelligence: Act on the threat intelligence and advisories released by CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).

Increase Threat Hunting: Proactively search for potential threats within networks and systems.

Report Incidents: Ensure timely reporting of any cyber incidents to the exchanges and regulators, as per prescribed timelines.

This advisory follows heightened tensions after India struck nine terror-related targets in Pakistan and Pakistan-administered Kashmir (PoK) using precision munitions.

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