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Economic uncertainty doesn't mean

compromising cybersecurity

This challenges technology companies in new ways. In an
era when global economic shocks provide additional ob-
stacles to resourcing cyber protection, faster innovation is
needed to secure the future for payment networks and the
customers who use them.

One way to accelerate the pace of innovation is to invest
consistently in expanding cybersecurity capabilities,
which can enable technology companies to simplify the
link between convenience and security for customers.
This can be done by harnessing best-in-class technology,
whether that's AI or quantum computing, resulting in a
supercharged arsenal of cyber solutions enhanced by ca-
pabilities that drive faster, smarter and more effective pro-
tection for all.
By Johan Gerber
Mastercard For example, cutting-edge AI technology can not only in-
form organizations of their cyber vulnerabilities—and the
n our digitized world, cybersecurity is the key to risks existing within their supply chains—but also warn
unlocking trust. To give an indication of its impor- them of any threats coming down the road. Threat protec-
tance: cyber now sits above geopolitics and econom- tion solutions can set traps to stop unwanted bots from
I ic challenges as a leading risk area for merchants, getting any closer, all with minimal human intervention.
fintechs, financial institutions and other key players.
Rising threats lead to increased investment
As criminals continue to exploit new technologies, pres- Such initiatives help businesses to build trust with the
sure is building on organizations everywhere to protect public, which can, for example, lead to helping a customer
their systems from risks that are growing in sophistication identify which of its vendors has weak cybersecurity. By
and impact. employing threat intelligence tools, a business would be
able to see the real-time network changes affecting its ven-
The numbers speak for themselves: the average global cost dors and could take instant action to protect its networks.
of a data breach in 2023 reached a staggering $4.45 mil- The result? That business could reduce its cyber risk by 50
lion (see https://tinyurl.com/26pr7p8v), a 15 percent increase percent.
over a three-year period. This cost includes the expense of
losing customers and acquiring new ones, as well as the Advanced tools also help technology providers learn and
financial implications of reputational damage and dimin- understand more about the ever-evolving priorities of
ished goodwill. business leaders. Recent research commissioned by Mas-
Cybercrime is a growing concern tercard and carried out by Datos, revealed that rising cy-
ber risk combined with more effective tech-powered solu-
Add to this the fact that, recent Mastercard research tions is encouraging organizations to invest.
revealed that 98 percent of consumers are concerned
about the current level of cybercrime (see https://tinyurl. So, economic uncertainty doesn't mean compromising cy-
com/5n7atks4), demonstrating the uphill battle businesses bersecurity. In fact, cybersecurity budgets are increasing,
now face to tackle the public trust issue. according to the research just cited in this article. More
than half of financial institutions increased their budget
In short, it has become a threat that organizations of all between 5 percent and 10 percent in 2022 versus 2021, a
sizes and from every sector can no longer ignore. Ransom- trend expected to continue through the final months of
ware attacks still dominate the landscape with the average 2023 and into 2024.
demand in 2023 being $1.6 million, up 74 percent in the
past year (see https://tinyurl.com/mr3tt8c4). Following a 2021 However, cyber investment is only as valuable as the ex-
peak, we're still seeing in the region of 500 million attacks pertise and knowledge behind it, and return on invest-
a year. ment is particularly vital in challenging economic times.
This remains a critical challenge for businesses, and the re-
search shows they acknowledge the need for outside sup-
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