June 01, 2024

Mastercard collaborates with LankaPay to strengthen the cybersecurity infrastructure of Sri Lanka’s financial services sector

FinCSIRT will leverage RiskRecon by Mastercard to boost the cyber posture of financial institutions.

Mastercard has partnered with LankaPay, Sri Lanka’s national payment network to further strengthen the cybersecurity infrastructure of the country’s financial services sector via Financial Sector Computer Security Incident Response Team (FinCSIRT). As their contribution to the national payment infrastructure, LankaPay established FinCSIRT in 2014 to safeguard the financial sector from potential cyber security threats as a collective effort involving the Central Bank of Sri Lanka, the Sri Lanka Banks’ Association, and the Sri Lanka Computer Emergency Response Team Coordination Centre. They have been helping the financial sector since its inception from potential cyber security threats by providing proactive and reactive support. As part of this collaboration, FinCSIRT will leverage RiskRecon, an advanced cybersecurity solution by Mastercard, to further help financial institutions (FIs) safeguard operations and ensure consumer data protection.

RiskRecon by Mastercard empowers organizations to gain deep, continuous risk insight by evaluating over 40 security criteria across nine domains. It also helps in streamlining the vendor cyber risk management process, thereby allowing organizations to select new vendors faster by prioritizing their third-party assessments based on RiskRecon-rated vendor performance.

This powerful solution will allow financial institutions in Sri Lanka to access detailed reports on their overall cyber risk profile. Further, they will be able to compare risk performance ratings of multiple vendors simultaneously, enabling them to select the service provider which best meets their risk performance requirements.

Dr. Kenneth De Zilwa, Chairman, LankaPay, said, “In a rapidly evolving digital environment, it is vital that the security of the financial ecosystem is prioritized. We take cyber security threats very seriously and have established the FinCSIRT many years ago to support the financial sector from potential Cyber Security threats. This partnership with Mastercard highlights LankaPay’s determination to further strengthen the cybersecurity defense systems of member institutions, ensuring the integrity of their operations and protection of customer data.”

Sandun Hapugoda, Country Manager, Sri Lanka and Maldives at Mastercard, said, “With the growth of digital financial services and proliferation of online transactions, it’s important that financial institutions in Sri Lanka adopt robust cybersecurity measures. Mastercard’s collaboration with LankaPay demonstrates its commitment to strengthening the country’s digital ecosystem, paving the way for a secure and resilient digital economy that benefits everyone, everywhere.”