CERT-In and Mastercard Join Forces to Enhance Cybersecurity in India’s Financial Sector

New Delhi: In a significant move to bolster cybersecurity capabilities within India’s financial sector, the Indian Computer Emergency Response Team (CERT-In) has partnered with Mastercard to foster collaboration and information sharing. CERT-In, an organization under the Ministry of Electronics and Information Technology, Government of India, designated as the national agency for incident response under Section 70B of the Information Technology Act, 2000, aims to strengthen cyber defenses in conjunction with Mastercard’s expertise in financial cybersecurity.

Memorandum of Understanding (MoU) Details

Under the Memorandum of Understanding (MoU) signed between CERT-In and Mastercard, both entities will collaborate in several key areas:

1. Cybersecurity Incident Response: They will work together to enhance incident response capabilities specific to the financial sector, ensuring swift and effective responses to cyber threats.
2. Capacity Building: Training programs and workshops will be conducted to build cyber capacity, educating financial sector organizations on the latest cybersecurity trends, market practices, and best practices.
3. Threat Intelligence Sharing: The partnership will facilitate the sharing of cyber threat intelligence, technical information, threat trends, and vulnerability reports crucial for enhancing information security across financial institutions in India.
4. Advanced Malware Analysis: Both entities will collaborate on advanced malware analysis, leveraging their collective expertise to identify and mitigate sophisticated cyber threats targeting the financial sector.

“Cybersecurity is paramount in today’s digital age, and the Government of India, under the leadership of Prime Minister Narendra Modi, is steadfast in its commitment to safeguarding digital platforms,” stated Shri Jitin Prasada, Minister of State in the Ministry of Commerce & Industry, and Electronics and Information Technology. “This collaboration between CERT-In and Mastercard marks a crucial milestone in enhancing cybersecurity resilience across the financial sector, benefiting both organizations and the public at large.”

Gautam Aggarwal, Division President, South Asia at Mastercard, highlighted the company’s comprehensive approach to cybersecurity, emphasizing the importance of resilience and adaptability through cutting-edge AI technology. “Mastercard is proud to collaborate with CERT-In to fortify India’s financial digital ecosystem,” said Aggarwal. “This partnership underscores our commitment to protecting systems and fostering growth within India’s financial sector, which has witnessed remarkable digital transformation.”