KARACHI: Pakistan Stock Exchange (PSX), one of the best performing stock exchanges in Asia over the last few years, has selected Oracle for seeking help to enhance the security and integrity of its data.
The move is part of the ongoing proactive stance adopted by PSX to ensure that the most modern systems are in place to assist the Pakistani capital market to face the challenges of the competitive global industry, according to a press release issued here on Wednesday.
Since the introduction of automated trading in 2002, PSX’s operation had relied heavily on integrity and confidentiality of critical data; whether the data is in motion or at rest. The result was a complex, interconnected, and critical information technology environment.
This made it difficult for the stock exchange to ensure the confidentiality, integrity and availability of its information. All these were critical success factors for the ongoing effective functioning and good governance of PSX.
It also meant that it was extremely difficult for the Exchange to keep up with the pace of changes necessary to keep abreast of regulatory requirements around governance and risk management.
For this purpose, PSX had implemented Oracle Advanced Security option in conjunction with Oracle Database 12c to enable the organisation increase the features and functionality of its overall security program.
This upgrade was a part of that prepared approach and would help continue providing an efficient and effective service to investors and listed companies, said Chief Information Security Officer, Pakistan Stock Exchange Limited, Arif Rehman.
Waqas Hashmi, Country Sales Director, Technology Business, Oracle Pakistan, said that protecting data required a defence-in-depth approach and putting in the right preventive controls in place to avoid data breaches was the key to secure data.
He said Oracle has provided the exchange with a cost effective and comprehensive data protection features that assisted the stock exchange’s efforts to meet its regulatory requirements, as well as reduce complexity.