Aiming to ward off New-Age online threats, strengthen cyber defence and safeguard stakeholders' assets, BSE has chosen software major IBM to help set up a next-generation cyber security operation centre (SOC).
Under the five-year managed security services agreement, the centre will enable round-the-clock event monitoring, event handling, security analysis, incident management and response along with synchronised management of devices, networks and applications.
"We are delighted to partner with BSE to help them leverage the best-in-class security solutions, delivering an integrated system of analytics, cognitive and real-time defences," said Sandeep Sinha Roy, Business Unit Executive, IBM Security Services, India, in a statement.
IBM will work with the Bombay Stock Exchange (BSE) to integrate security solutions that will add new capabilities to the SOC infrastructure as well as develop a new, highly collaborative IBM and BSE framework for the multi-tenant, next generation SOC.
It will ensure proactive monitoring of threats 24×7, detection and analysis of any suspicious change in activity, protection against emerging threats and response, while ensuring resiliency of the system.
"The end-to-end security solutions, services and global expertise from IBM will help BSE consolidate and fortify best practices under one umbrella. With the SOC, BSE hopes to pre-empt security risks and respond to them, thereby, staying ahead of security threats," added Shivkumar Pandey, Chief Information Security Officer, BSE.
Given that the financial services sector continues to be targeted by cybercriminals, BSE wanted to build a security centre to protect valuable digital assets belonging to the company, customers and stakeholders, while complying with SEBI & National Institute of Standards and Technology (NIST) cyber security framework.
"There was a very competitive and stringent technology evaluation process, from which we found that IBM had the most compelling value proposition and security road map for BSE," he added.