SEBON introduces IT policy to strengthen cybersecurity in Nepal’s capital market

Kathmandu, November 5 The Securities Board of Nepal (SEBON) has introduced an information technology (IT) policy aimed at strengthening cybersecurity in the country’s capital market. The move follows a ransomware attack on a data centre that forced the stock market to shut down on September 21.

The policy, which came into effect on Wednesday, covers information technology security and emerging technologies across the securities market. The policy requires the establishment and management of a standardised disaster recovery mechanism in line with international practices to ensure the sustainable, reliable and secure use of trading systems, clearing and settlement mechanisms, the central depository system and warehouse-related records.

“The main objective of the policy is to make the overall functioning of the securities and commodity exchange markets results-oriented, effective, measurable and accountable through the development and expansion of information technology infrastructure,” the board said.