BSE puts in place penalty structure for non-submission of cyber security report

Leading stock exchange BSE on Wednesday came out with a penalty structure for brokers who fail to make timely submission of cyber security and cyber resilience audit report and said prolonged non-compliance will result in disablement of trading terminals. Brokers need to submit a quarterly report on incidence of cyber-attacks and threats.

A penalty of Rs 200 per day would be imposed in case of submission of the report within one month from the end of due date, BSE said in a circular. Further, the penalty amount would be increased to Rs 500 per day in case of submission of the report within three months of the deadline.

Non-submission of the report after three months will attract disablement of trading terminals across segments after giving two weeks' notice, the exchange said. BSE, further, said "disablement notice issued to the member would be shared with all the exchanges for information" and member will be enabled only after submission of the report.

Cyber security framework includes measures, tools and processes that are intended to prevent cyber-attacks and improve cyber resilience. Cyber resilience is an organisation's ability to prepare and respond to such attacks and to continue operate despite adverse cyber events.

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