Partnership and collaboration key to driving cyber protection

Our objective is to elevate the cybersecurity conversation in the UAE and beyond, says Mastercard's Ajay Bhalla

It is no longer sufficient to simply secure every transaction – now we must build trust in every interaction across the payments ecosystem

1) What are the most effective measures that can be taken to combat cybercrime on a government level?

Cybercrime is a $5.2 trillion global problem that we all collectively face. A solution cannot be driven by any one party alone, governments have a crucial role to play in working alongside business to secure the digital ecosystem. From investment in national digital infrastructure to innovation and job creation in the fields of cybersecurity, fraud and AI, the foundations for success against the fraudsters will be created by deepening public-private collaboration.

It’s also critical for governments to provide a regulatory framework to help organizations outline global policies and standards that safeguard digital interactions and protect consumer trust because without trust, we simply cannot do business.

2) What are the key measures that will be undertaken as part of the Global Cyber Forward Program?

The Global Cyber Forward program focuses on four key themes in the cyber space: Oversight, Resilience, Tools and Capabilities. This program is designed to drive forward cyber ecosystem protection, collaboratively developing a regulatory framework for digital security, and supporting the development of vital cyber capabilities both at the national and regional levels. Through an international network of policymakers and regulators, our objective is to elevate the cybersecurity conversation in the UAE and beyond.

3) How do partnerships such as these strengthen the ongoing fight against cyber fraud?

As we look to recover and grow in the wake of the pandemic, strengthened collaborations will form the bedrock of our success. Partnerships, such as Mastercard’s program with the DIFC, bring together the collective expertise of the world’s leading businesses and governments to drive meaningful action that would otherwise be beyond the reach of any party working in isolation.

Sharing skills and intelligence, developing tools and technologies, and building a network of collaborators for the advancement of shared cybersecurity policies and standards is essential as we progress towards a common objective of protecting people and businesses, and securing the wider digital ecosystem.

4) How does Mastercard promote cybersecurity for digital payments transactions across the world?

It is no longer sufficient to simply secure every transaction – now we must build trust in every interaction across the payments ecosystem. We achieve this by: constantly monitoring our network to ensure ongoing security; evaluating and mitigating vulnerabilities at every point of interaction; and working with our partners to implement best in class security standards and practices.

Each of these actions is backed by a layered portfolio of solutions that work together like an invisible shield behind the scenes. In the unlikely event that one layer is breached or broken, the other layers kick in – offering advanced cyber and digital payments security.

Underpinning and reinforcing each of these layers is one of the most revolutionary technologies of our time – AI. We’ve developed bespoke solutions and embedded them across our network over the past decade. AI applications have helped us save almost $20 billion in fraud this year alone.