KYC registration agencies will have to report cyber attack within 6 hours: SEBI

The Securities and Exchange Board of India (SEBI) has asked KYC Registration Agencies (KRAs) to report all types of cyber attacks, threats and cyber breaches within 6 hours of their detection. According to the circular issued by SEBI on Tuesday, information about such cases will also have to be given to the Indian Computer Emergency Response Team (CERT-In) under the guidelines issued from time to time.

In addition, the KRA will also have to inform the National Critical Information Infrastructure Protection Center (NCIIPC) about such cases. SEBI on Tuesday said that all cyber attacks, threats and breaches have to be reported to KRA within 6 hours.

Share brokers and depository participants will have to give information about cyber attacks, risks and its breach in quarterly reports and what measures have been taken to deal with it. This report has to be given to SEBI within 15 days from the end of every quarter. This information will be given to SEBI through an e-mail ID. The regulator had last month issued similar directions for stock brokers and depository participants as well.

In this matter, 11 international bodies including tech giants like Google, Facebook and HP had conveyed their concern to CERT-In Director General Sanjay Behl. It was said that the new directive to report cyber attack incidents within 6 hours and store users’ logs for 5 years would make it difficult for these companies to do business in the country.

Significantly, cyber attacks are becoming a cause of concern for countries around the world. All the countries including America are taking steps to deal with them. In this sequence, the Government of India and its agencies are also taking action. A top-level meeting regarding this was held in the US earlier this year. Earlier this year, representatives of companies like Google, Apple and Amazon gathered at the White House. Dealing with cyber attacks was discussed in the meeting. Many other countries are also working on this.

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