Mastercard Joins Dubai Financial Services Authority Threat Intelligence Platform to Strengthen Cyber Resilience Across the Region
- Mastercard, the DFSA and DIFC continue to boost cybersecurity efforts as part of the joint Cyber Forward Program aimed at building secure digital ecosystems in the Middle East, Africa and South Asia region.
Dubai, UAE – 22 December 2021 – Mastercard has joined the Dubai Financial Services Authority (DFSA) Threat Intelligence Platform (TIP), furthering Mastercard’s alliance with Dubai International Financial Centre (DIFC). The collaboration cements Mastercard’s commitment to construct intelligence-led, public-private partnerships and boost cyber resilience across the Middle East, Africa and South Asia region. The DFSA TIP facilitates the development of a community of information sharing for regulated and non-regulated companies operating in or from the DIFC.
In a continuation of Mastercard’s partnership with DIFC under Mastercard’s Cyber Forward program, this step will help boost cyber resilience cross the financial industry and payments ecosystem. The Cyber Forward program launched in January 2021 combines Mastercard’s cutting-edge capabilities in cybersecurity with those of leading public sector organizations to create secure digital ecosystems at a national, local and city level.
This collaboration between the DFSA, DIFC and Mastercard sets out to foster greater and more advanced cybersecurity capabilities, including the provision of time-sensitive threat signatures and data patterns that provide for indicators of attempted or actual compromise of information or physical assets. These will culminate in the development of a comprehensive ‘threat library’ that will enable the DIFC and its institutions to recognize and respond to risk in real-time.
“As the world grows increasingly connected through the power of digital transformation, it is more vital than ever for industry leaders to act as the first line of defense to create a secure financial ecosystem. Building on our strategic partnership with DIFC, we are delighted to join forces with the DFSA to foster intelligence threat sharing across the entire DIFC community. Together, we are ensuring the region’s most advanced financial hub is also its most secure,” said Khalid Elgibali, Division President – MENA, Mastercard.
Mastercard’s commitment to join the DFSA’s Threat Intelligence platform deepens our relationship with them to enhance cybersecurity efforts globally. As the leading financial centre in the Middle East, Africa and South Asia, DIFC continues to set the standards that address both the current and anticipated issues facing the industry locally, regionally and internationally,” said Arif Amiri, CEO of DIFC Authority.
“Cyber resilience begins with maintaining awareness of the increasingly sophisticated techniques of cybercriminals and the persistence of their campaigns. Information is key to maintaining awareness and we welcome Mastercard’s participation on TIP and its commitment to contribute information in support of the cyber resilience of the TIP, DIFC and regional community,” said Waleed Saeed Al Awadhi, Acting Chief Executive, DFSA.
Research shows that trust in security is much needed as the digital economy expands. The Mastercard Recovery Insights in 2021 found that 20-30% of the Covid-related shift to digital commerce globally is permanent, with an additional $900 billion being spent in retail globally in 2020, further demonstrating the need for a robust digital infrastructure capable of combatting increasingly sophisticated types of cybercrime. Mastercard revealed that it helped save stakeholders $3 billion worth of fraud through its AI-enabled cyber systems in the last two years alone.
About Mastercard Incorporated (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 7.7 trillion.
With a 17-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 28,000 professionals working across over 3,200 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.