Today is a time when even the critical financial services firms across the globe are facing cyber security threats almost on a daily basis, Bombay Stock Exchange (BSE) and global technology major IBM have signed a multimillion dollar agreement to boost the weakening IT security.

This is a five-year contract  and IBM will use its global expertise to secure trading engine, data and hardware for all of BSE's current trading platforms like bonds, stocks, mutual funds, derivatives, and also the planned ones like commodities.

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Under this security services agreement, IBM will monitor security events on a 24x7 basis, analyze security-related threats, manage incidents and response, along with synchronized management of devices, networks and applications, officials from BSE and IBM told.

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BSE wanted a robust security cover to protect the digital assets of the company, since, cybercriminals are targeting the financial services sector customers and stakeholders. Using IBM's global capabilities, it will also provide real-time analysis of cyber threats and this will prove defensive against all possible attacks.

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The CISO, BSE Shiv kumar Pandey said, "The IBM’s end-to-end security solutions, services and global expertise from will help BSE  to consolidate and fortify best practices under one roof, with the SOC (Security Operation Centre), BSE hopes to pre-empt security risks and respond to them, thereby , staying ahead of security threats" .

Read More At: IBM to enhance BSE's cyber security