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

Synopsis

BSE has alerted Indian market participants to heighten their cybersecurity defenses following a warning from CERT-In about ongoing cyber threats targeting the BFSI sector. The advisory urges firms to reinforce security controls, conduct risk assessments, and enhance threat monitoring to mitigate potential attacks like ransomware and DDoS. This action follows increased tensions after recent events.

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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