SEBI Aligns Cyber Incident Reporting Portal With FSB's FIRE Framework

The Securities and Exchange Board of India (SEBI) on 24 August aligned its Cyber Incident Reporting Portal with the Format for Incident Reporting Exchange (FIRE) framework developed by the Financial Stability Board (FSB) to standardise and streamline cyber incident reporting.

SEBI said cyber incidents in the securities market are becoming more frequent and sophisticated, making timely reporting essential to contain attacks, undertake mitigation measures and strengthen cyber defences.

Under the existing framework, regulated entities must report cyber incidents to SEBI by email within six hours and through the Cyber Incident Reporting Portal within 24 hours.

The FIRE framework provides common information fields, standardised definitions and a consistent classification of cyber incidents to bring greater uniformity to reporting across sectors and jurisdictions.

The updated portal will allow regulated entities to report incidents in stages, beginning with an initial report followed by updates and final closure. This recognises that all relevant information may not be available when an incident is first reported.

SEBI has directed regulated entities to report cyber incidents through the Cyber Incident Reporting Portal and take necessary steps to implement the circular, including amending their relevant bye-laws, rules and regulations, where required.