US-based multinational financial services company, Mastercard has unveiled its Global Cyber Forward program in partnership with the leading global financial center and largest FinTech hub in the Middle East, Africa, and South Asia (MEASA) region, Dubai International Financial Centre (DIFC), to enhance the cybersecurity services globally.
Governments, financial institutions, and businesses around the globe have been facing a rise in cyber threats as people and businesses become more digitally linked.
According to an industry study, the risk of direct and indirect cyberattacks on global businesses is substantial over the next five years, with an estimated $5.2 trillion in revenue potentially in danger. Another study revealed that 50 percent of global businesses are not prepared to handle cyberattacks.
The DIFC-Mastercard partnership will help enhance cyber readiness and resilience across the financial industry, enabling effective cybersecurity supervision through the Threat Intelligence Platform (TIP) of the Dubai Financial Services Authority (DFSA) that was launched in January 2020.
The Global Cyber Forward program integrates the cutting-edge cybersecurity capabilities of Mastercard with those of leading public sector organizations to build stable, national, local, and city-level digital eco-systems.
Ajay Bhalla, President, Cyber and Intelligence, Mastercard said, “Cybercrime is one of the biggest threats to consumer trust. Without trust, we cannot do business – more so now than at any other time in history. We are developing and embedding the latest cyber technologies, in collaboration with our partners around the world, to help advance security and trust in the digital ecosystem. Our partnership with DIFC will help to create more secure and thriving digital economies.”
“This global partnership between DIFC and Mastercard supports the National Cybersecurity Strategy and Dubai Cyber Security Strategy. As the leading financial center in the MEASA region, we are committed to being at the forefront of initiatives, including cybersecurity and data protection that will advance the finance industry globally, regionally, and in Dubai. Firms and individuals will be able to benefit from our collaborative approach to managing the issue and see Dubai as the region’s safest place to undertake their financial activities.”
Arif Amiri, CEO of DIFC Authority stated, “DIFC has the region’s most robust and resilient legal and regulatory framework. Our partnership with Mastercard recognizes the importance of cybersecurity and will help DIFC clients and the global finance industry accelerate their digital agendas safely and effectively. Collaborating with leading, like-minded organizations on cybersecurity is a key factor that will help us drive the future of finance.”
“Knowledge sharing and access to secure, innovative technology are our best defense as we address the cyber threats that lead to cybercrime. Our strategic partnership with DIFC is a significant milestone and one that sets a secure foundation for fostering a strong cyber-resilient ecosystem that inspires trust in the digital economy,” commented Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.