SEBI has restructured its cyber incident reporting portal to adhere to the Financial Stability Board's (FSB) Framework for Improving Cyber Resilience (FIRE), mandating a structured and systematic approach for regulated entities.
Enhancement of Cyber Incident Reporting
In a significant regulatory update, SEBI has announced the alignment of its cyber incident reporting portal with the globally recognized FSB's FIRE format. This change, effective immediately, requires that all regulated entities adopt a structured format for reporting cyber incidents, facilitating better data collection and analysis.
This move is part of SEBI's broader strategy to enhance cybersecurity measures across India’s financial markets, aiming to mitigate risks associated with cyber threats and attacks. By establishing clear reporting protocols, SEBI intends to ensure that incidents are managed effectively and swiftly, fostering a more robust financial ecosystem.
Legal practitioners should advise clients on the importance of compliance with these new reporting standards and the necessity of internal controls for reporting cyber incidents, as non-compliance may lead to regulatory scrutiny and potential penalties.
Citations
- SEBI Circular (2026)
