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Boosting Cyber Defences in India’s Financial Sector

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In a strategic move to bolster India’s financial sector against cyber threats, the Indian Computer Emergency Response Team (CERT-In) has signed a Memorandum of Understanding (MoU) with a global financial organisation. This collaboration aims to leverage the shared expertise of both entities to enhance cybersecurity incident response and resilience within the financial sector.

Image credits: Press Information Bureau

CERT-In, a government organisation under the Ministry of Electronics and Information Technology, has been designated as the national agency for incident response under Section 70B of the Information Technology Act, 2000. The MoU marks a significant step in promoting cooperation and information sharing in cybersecurity, specifically targeting the financial sector.

The collaboration will focus on several key areas, including cybersecurity incident response, capacity building, sharing cyber threat intelligence, and advanced malware analysis. By combining their expertise, CERT-In and the global financial organisation aim to create a robust framework for addressing cybersecurity threats that affect financial institutions.

As part of the MoU, CERT-In and the global financial organisation will conduct training programmes and workshops to build cyber capacity within the financial sector. These initiatives will cover the latest market trends, best practices, and emerging threats, equipping financial sector organisations with the knowledge and tools needed to enhance their cybersecurity posture.

Training will be designed to address the specific needs of the financial sector, focusing on practical skills and strategies to mitigate cyber risks. By fostering a culture of continuous learning and improvement, the partnership aims to create a more resilient financial ecosystem in India.

A critical component of the MoU is the sharing of relevant cyber threat trends, technical information, threat intelligence, and vulnerability reports. This exchange of information will enable both entities to stay ahead of emerging threats and enhance their ability to respond effectively to cyber incidents.

By sharing real-time intelligence and insights, CERT-In and the global financial organisation can collaboratively develop and implement strategies to protect financial institutions from sophisticated cyber attacks. This proactive approach will help safeguard India’s financial sector against evolving cyber threats and ensure the stability and security of digital financial services.

Jitin Prasada, Minister of State in the Ministry of Commerce & Industry and Electronics and Information Technology, emphasised the importance of cybersecurity in today’s digital age. “Cybersecurity is the need of the hour, and…the government is committed to ensuring that people on digital platforms are secure. This partnership is an important milestone that will benefit not only both entities but also the public at large.”

The government’s commitment to enhancing cybersecurity reflects its broader vision of creating a secure and resilient digital ecosystem in India. The collaboration is a testament to this commitment, demonstrating a proactive approach to addressing cyber threats and protecting the interests of citizens and businesses.

The global financial organisation brings a comprehensive approach to security, providing its partners and customers with deeper visibility into cyber risks and greater adaptability and resilience. By utilising the latest AI technology and innovative solutions, the company is well-equipped to protect financial systems and enhance cybersecurity measures.

The Indian Computer Emergency Response Team (CERT-In) is a government organisation under the Ministry of Electronics and Information Technology, serving as the national agency for incident response. CERT-In operates a 24/7 help desk for timely cybersecurity incident responses and offers incident prevention, response services, and security quality management to enhance India’s cybersecurity framework.

The MoU between CERT-In and the global financial organisation represents a significant milestone in enhancing cybersecurity in India’s financial sector. Through joint efforts in capacity building, information sharing, and the implementation of advanced technologies, the partnership aims to create a more secure and resilient financial ecosystem. This collaboration underscores the importance of public-private partnerships in addressing cyber threats and safeguarding the digital economy.


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