BSE: Combating Data Threats with Big Data Analytics

Kersi Tavadia
Kersi Tavadia, Chief Information Officer, Bombay Stock Exchange

At BSE, we have set up a pragmatic Data Governance Policy in place. We have implemented Big Data Analytics for managing high volume data. The journey of Big Data at BSE has been continuously evolving with implementation of new technologies together with security and data access management, says Kersi Tavadia, Chief Information Officer, BSE Ltd, in conversation with Elets News Network (ENN).

How significant is the role of a Chief Information Officer (CIO) in comparison to other C-Suite contenders in a financial entity?

 In the financial industry, CIO has to play a dual role in understanding its core business and driving the business with the help of IT strategies and IT technologies. In fact, CIO is the only person who has the crucial business knowledge and Information Technology insights and this unique knowledge and experience make a key differential as compared to other C-suite contenders.

To aptly put in a simple word, CIO is a business first and technology enabler leader. It is a CIO who converts technology solutions and strategies into business opportunities in the financial industry. BSE has set these examples in multiple forays, such as Implementation of 24 X 7 Cybersecurity Operations Centre, Big Data implementation, Use of Artificial Intelligence and Machine Learning in its Surveillance function and many more.

How are you improving your hold on insights and data governance? What technology have you implemented for this?

At BSE, we have set up a pragmatic Data governance policy in place. The key essence of Data governance at BSE are;

  1. Identifying Data
  2. Mapping Business owners to Data
  3. Identifying criticality of data with segregation tagged
  4. Setting different parameters for data management and its use
  5. Continuously improving data quality

BSE has implemented Big Data for managing data. The journey of Big Data at BSE has been continuously evolving with the implementation of new technologies together with security and data access management.

What role is Cloudera Enterprise playing in driving your data-oriented decisions in real-time?

BSE in its BigData implementation has used Cloudera solution for analysis and security purposes.

The major use of Cloudera has been made in areas such as:

  1. BSE implemented near realtime prediction of rumours using Cloudera platform by applying Artificial Intelligence and Machine learning techniques. The above solution eliminates the manual process of keeping a watch on social media sites like Twitter, Facebook and on news websites related to BSE listed companies on possible rumours. The dashboard enables BSE surveillance team to view the abrupt price movement of BSE listed companies due to the possible rumour published in various social media.

 BSE is now in a position to:

  1. Provide advanced statistics and machine learning based content identification model
  2. Interface with BSE’s dashboard and raise alerts on content
  3. Take necessary action to confirm the rumours by interacting with the respective company on BSE listed companies
  4. The real-time dashboard helps our business team insights into trading activities and trends. BSE trading platform generates 20K transactions per second which we captured using Open source technology STREAMSETS and then push the data downstream into KAFKA messaging technology and the ingested data getting enriched with SPARK. Finally, this high volume data getting stored in high-performance storage engine KUDU. We use open source IMPALA query engine and build our dashboard using tableau.
  5. Monitor High Algo Order to Trade Ratio. For the huge volume of orders generated by Algo trading, BSE Surveillance team proactively monitor each and every member trade to order ratio and alerts each participating members in case of breach of set ratio. Using Cloudera platform and applying decision tree mechanism BSE generates alerts dashboard in real time.

BSE, Asia’s oldest and the fastest stock exchange in the world, generates a large volume of 400 GB of data every day. How do you strengthen your security posture keeping this volume in mind?

Goals for data management systems, such as confidentiality, integrity, and availability, require that the system be secured across several dimensions. These can be characterised in terms of both general operational goals and technical concepts, as below:

a. Authentication

Implemented KERBEROS Authentication Model

b. Authorisation

SENTRY Authorisation for user access control

c. Encryption

Data Encryption (Data at Rest) by creating an encryption zone.

d. Auditing

Comprehensive auditing using Cloudera Navigator

What new innovations have you planned for 2019? Technology is now touching every aspect of our life, be it social or business. The blend of this use is guiding technology to evolve.

 With regards to Financial Industry, in the year 2019, the major drivers of technologies are:

  • Real-time analysis The system/ technology that will facilitate information on demand with near real-time basis is going to be a massive enabler for business opportunities and survival.BSE is planning to implement an open source technology that will provide access to this information from different systems/ application viz. Central Log management and Analysis.
  • Artificial Intelligence (AI) and Machine Learning (ML) We will continue to extend our use of AI and ML in the application of different business processes, optimisation and automation to gain a competitive advantage.
  • Strengthening Cybersecurity infrastructure Bombay Stock Exchange plans to leverage its experience for better use of society and financial industry in specific. On this front, BSE has already entered into Memorandum of Understanding (MoU) with different service providers and it is in advanced stage of setting up Cybersecurity infrastructure for their members as a service.
  • Launch of new products BSE plans to strengthen its current position as well as venture in new opportunities by introducing innovative products in Commodity segment, Mutual Funds, Insurance, etc. This will entail more investment opportunities to investors at large.

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