At a time when the global financial services firms internationally facing the facing cyber security pressure roughly on a daily basis, Bombay Stock Exchange (BSE) and global technology major IBM have signed a multimillion dollar agreement to enhance the bourse's IT security. Under this contract, which is slate to be valid for five-year, IBM will use its global skill to safe trading engine, data and hardware for all of BSE's present trading platforms like stocks, bonds, derivatives, mutual funds and also the planned ones like commodities.
Under the security services agreement, it is been mentioned that IBM will check security events on a round-the-clock basis, also will examine the threats related to security, manage events and response, along with synchronized management of devices, networks and applications, officials from BSE and IBM said. Since cyber criminals are targeting the financial services sector, BSE wanted a healthy security cover to protect the digital assets of the company, customers and stakeholders. Well that’s not all, it will also provide real-time analysis of cyber threats and defence against probable attacks by using the IBM's global capabilities,.
"The end-to-end security solutions, services and global expertise from IBM will help BSE consolidate and fortify best practices under one umbrella," said Shivkumar Pandey , CISO, BSE. "With the SOC (Security Operation Centre), BSE hopes to pre-empt security risks and respond to them, thereby , staying ahead of security threats," Pandey added.