The Securities Board of Nepal (SEBON) has introduced an Information Technology (IT) Policy to strengthen cybersecurity and protect the stock market from potential cyberattacks. The policy came into effect on Wednesday, following a ransomware attack on a stock market data centre on September 21 that forced trading to close for a day.
The policy requires standardised disaster recovery and business continuity plans for critical market infrastructure, including trading, clearing, settlement and central depository systems. It also proposes an integrated cyber incident reporting portal and a shared data centre involving market institutions and participants.
The policy further aims to regulate outsourced IT services through clear provisions on data security, confidentiality, accountability and service agreements. SEBON also plans to develop an e-SEBON system to improve institutional performance.
