The Bombay Stock Exchange has issued a cybersecurity advisory to market participants following a government alert warning of increased cyber threats aimed at India’s banking and financial institutions. The advisory, prompted by inputs from the Indian Computer Emergency Response Team (CERT-In), highlights growing concerns about state-linked cyberattacks, particularly those traced to actors based in Pakistan.
In its circular, the BSE urged all members, including brokers and financial institutions, to implement heightened precautionary measures to protect digital infrastructure. The exchange warned that the financial sector could face sophisticated threats such as ransomware attacks, intrusions through software supply chains, Distributed Denial-of-Service (DDoS) attacks, website defacements, and malware deployments. Market participants have been asked to review their cybersecurity frameworks thoroughly, conduct risk assessments, and reinforce monitoring mechanisms.
The advisory follows a marked increase in cyber activity targeting India’s BFSI sector. In recent weeks, intelligence inputs have flagged a potential wave of coordinated attacks involving state-sponsored hacking groups. Reports suggest that these attacks aim not only to disrupt digital services but also to compromise sensitive data and critical business operations. Sources in the cybersecurity domain noted that the threat landscape has evolved rapidly, with attackers now using more advanced tools and techniques. The advisory from BSE aligns with broader national efforts to strengthen the digital resilience of core financial infrastructure. The Securities and Exchange Board of India had earlier introduced specific guidelines requiring exchanges and market institutions to maintain offline backups, conduct regular security audits, and run drills to test business continuity plans in case of cyber incidents.
While no specific incident has been cited as the immediate trigger for the advisory, officials acknowledge the risks posed by external adversaries looking to exploit geopolitical tensions. Cybersecurity experts emphasize that the focus must now shift from reactive postures to proactive defense planning, especially given the potential financial and reputational damage such attacks could cause. The advisory has been welcomed by market participants, many of whom are already in the process of upgrading their cybersecurity systems. However, experts warn that without a sector-wide, coordinated response, isolated efforts may fall short.
As the financial sector continues to digitize at an unprecedented pace, the threat of cyberattacks looms larger than ever. The BSE’s advisory serves as a timely reminder that safeguarding digital assets is no longer optional—it is a fundamental requirement in today’s financial ecosystem.
