CERT-In signs MoU with Mastercard to promote cooperation and information sharing in the financial sector

Indian Computer Emergency Response Team (CERT-In), under Ministry of Electronics and Information Technology (MeitY), Government of India, has signed a memorandum of understanding (MoU) with Mastercard to promote cooperation and information sharing in the area of cyber security related to the financial sector. CERT-In has been designated to serve as national agency for incident response under section 70B of the Information Technology Act, 2000. Therefore, the two entities will leverage their shared expertise with regards to financial sector in the fields of cybersecurity incident response, capacity building, sharing cyber threat intelligence specific to financial sector and advanced malware analysis.

As part of the mutual understanding, Mastercard and CERT-In will hold training programs and workshops for cyber capacity building, latest market trends and best practices to enhance cyber security of financial sector organisations. The two entities will also share relevant cyber threat trends, technical information, threat intelligence, and vulnerability reports to strengthen the financial sector information security of India.

Commenting on the collaboration, Jitin Prasada, minister of state, Ministry of Commerce and Industry said, “Cybersecurity is the need of the hour and prime minister Narendra Modi government is committed to ensuring that people on digital platforms are secure, as this warfare is not on the ground but in cyberspace. I am confident that this is an important milestone that will benefit not only both entities but also the public at large.”

Meanwhile, Gautam Aggarwal, division president, south Asia, Mastercard, said, “Mastercard’s comprehensive approach to security gives its partners and customers deeper visibility into cyber risk and greater adaptability and resilience, protecting their systems through the latest artificial intelligence (AI) technology. The company is delighted to collaborate with CERT-In to fortify India’s financial digital ecosystem, which has powered unprecedented growth in the country,”