(photo credit: Courtesy)
The Tel Aviv Stock Exchange and a new stock exchange in Kazakhstan, the Astana International Exchange – established as part of the Astana International Financial Center – have announced that they signed a cybersecurity consultancy agreement.
Since its inception, the Astana International Exchange, or AIX, has focused on cybersecurity and cooperates with several professional consultants and partners. This will be the first time that TASE is providing professional consultant cybersecurity services to another stock exchange. According to a statement released by AIX, the agreement has been signed based on the high level of professionalism and the many years of experience of TASE’s professional personnel in the field of cybersecurity – one of the major challenges confronting stock exchanges and financial institutions throughout the world.
The exchanges are targets for cyberattacks from various malicious entities, such as anti-globalization activists, terrorist organizations and hostile states, as well as criminal organizations. Damage to an exchange’s activity caused by cyberattacks is not just a significant financial risk but may also deeply harm its reputation, since investor confidence is one of central pillars on which an exchange’s activity is constructed.
Pursuant to the advisory services agreement, the Israeli exchange will provide a basket of cybersecurity services and solutions, including: studying and assessing the business and technology environment in the context of cybersecurity; defining specific needs; risk mapping; and identifying the solutions that are relevant for the new exchange in Kazakhstan.
In addition, the Israeli exchange will be responsible for planning cybersecurity implementation projects, supplier selection support and task prioritization; and supervision and control of project implementation.
TASE is subject to the supervision of Israel’s National Cyber Security Authority, which operates within the framework of the Prime Minister’s Office.
“We are sure that this collaboration will contribute and promote the development of cybersecurity, an important field in any exchange today,” said Ittai Ben-Zeev, TASE’s CEO. “In accordance with our strategic plan, we are continuing to develop new spheres of activity with emphasis on creating international collaborations through leveraging our unique professional expertise and the many years’ experience of the stock exchange in Israel.”
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