“Technology is essential, but people remain the most critical defense. Various studies show that a large number of infringements are taking place because of human errors such as negligence by professionals defending the system, users who fall victim to phishing attacks and unintended disclosure of critical information,” said Pandey, at a Cybiecity training program for SeberSecity for Sebers Security for SebiSecity for SebiSecity for SebiSecity for SebiSecity.
“Your role as IT professionals in the Securities market goes beyond code, configurations and dashboards. You are guardians of systemic stability. Technology can offer the tools, but it is human expertise that decides how effective those tools are used. Capacity structure is therefore not bought to be bought.
The SEBI chef said that exchanges, cleaning up companies, deposits are not only market performance, they are infrastructure of national importance and their flexible functioning ensures capital formation, investor confidence and economic resilience.
They work in a dynamic technological environment where the landscape of the threat develops daily.
Also read: Zerodha’s Nithin Kamath about how a boring, invisible Sebi step gave winds for retail investors, emphasized how important it was to stay ahead of the curve in this rapid evolving landscape and it is not a choice but a survival difference. He said that prevention costs are much lower than the remedy. Pandey mentioned an example of the Nasdaq – Datalek in 2010, where Hackers gained access to Nasdaq’s Directors Desk – a system used by company councils to share confidential documents. “No transactions were changed, but the infringement shook the trust deeply. It was a wake-up call. Even without an immediate financial loss, the perception of vulnerability can wrinkle through the market,” he added.
“An incorrectly configured server can open doors for malignant actors. A compromised account can lead to data leaks with serious reputation and financial damage. Sometimes the largest market shocks may not come from the keyboard of a hacker, but from our own systems. Internal mistakes,” he said, can be seen as destructive.
In this respect he mentioned the example of Knight Capital. In 2012, this large American market maker rolled out new trade software – but failed to completely remove some outdated code from previous systems. Pandey said that within just 45 minutes the “Rogue Code” started firing defective transactions
Billions and the Fallout were no less than $ 440 million in losses, which led to the company’s collapse within a few weeks.
(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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