The Nepal Securities Board (SEBON) has announced its plan to form a ‘Financial Computer Emergency Response Team (Fin-CERT)’ to boost cyber security in the capital market, as part of its Capital Market Policy for the fiscal year 2083/84.
The Nepal Securities Board (SEBON) recently unveiled its Capital Market Policy for the fiscal year 2083/84. A key part of this policy is the announcement of forming a ‘Financial Computer Emergency Response Team (Fin-CERT)’ to make digital transaction systems more secure. The board said that as more technology are used in the capital market, cyber risks and IT-related challenges have also grown, making this new setup necessary.
Key Initiatives for Cyber Security
According to the new policy, Fin-CERT will be set up within the Board itself. Its main job will be to reduce IT-related risks and quickly respond to any cyber security incidents that might happen.
Alongside this, the policy also includes plans for regular IT system audits of the information technology systems used by Nepal Stock Exchange (NEPSE) and CDS and Clearing Limited (CDSC).
SEBON also adopted policy to strengthen its ‘Disaster Recovery System (DRS)’ and Business Continuity Plan. These systems, designed to ensure continuous operation and data protection, will follow international standards for cyber security.
Fin-CERT will be a crucial part of SEBON’s strategy for investor protection and risk reduction. Through Fin-CERT, the Board aims to secure digital infrastructure, reduce systemic risks, protect investors’ digital information and assets, and make cyber security even stronger.
Moreover, SEBON plans to improve its ability to monitor the market in real-time by using modern technology. This will help the Board quickly identify any technical problems or cyber attacks as they occur.
The Board has a goal to gradually transform Nepal’s capital market into a fully paperless system. As part of this process, when technologies like digital KYC (Know Your Customer), digital signatures, and smart contracts are put into use, Fin-CERT will ensure that high cyber security standards are maintained, as stated in the policy.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
