Mastercard helps fight the "never ending arms race" of cybersecurity

Amisha Parikh discusses the intersection of AI technology with cyber defense strategies. Emphasizes the importance of safeguarding small businesses from potential threats and vulnerabilities, in the digital landscape.

Keeping your finances and personal information secure has become increasingly challenging in todays world. It feels like there are constantly emerging threats of hacking or fraud that put both your money and identity at risk.

In October we observe Cybersecurity Awareness Month; however in 2024 the threat of fraud may escalate significantly throughout the year, in Canada and globally.

It's quite unnerving how data security is always at risk of being breached and ending up in the hands through the deep and dark web channels where it could be sold off illicitly. We're witnessing a surge in activities with scams taking various forms such as investment scams or deceiving individuals through fake romantic relationships or job opportunities. Furthermore malicious actors are now leveraging AI technologies like deep fakes and voice cloning to perpetrate novel forms of fraudulent schemes. These criminals are becoming increasingly sophisticated, by harnessing technology to introduce scam tactics into their repertoire.

If cybercrime were a countrys economy on its own now today in the world rankings based on financial impact from fraud and losses suffered due to nefarious activities online – it would come in as the third largest economy globally falling just behind the United States and China according to reports, from Cybersecurity Ventures predicting that it will surpass the $10 trillion mark by 2025 which is quite a staggering figure indeed.

"It's a matter of time before it occurs."

Recently we conducted a survey revealing that 16 percent of Canadian small business owners are confident, in their ability to handle a cyberattack effectively. Not just limited to scams but also encompass data breaches and system vulnerabilities which make small businesses vulnerable targets.

It's crucial to remember this since many small businesses would struggle to survive a cyber attack.

When examining the supply chain network closely reveals our interconnectedness as a community. From small enterprises linked to larger corporations for banking and database oversight to the associated risks that emerge from these interconnections. It is crucial for every business entity to prioritize security by considering aspects such, as data sharing partners and the procedures involved in money transactions.

In todays business world incorporating cybersecurity is as essential as managing your finances. Security needs to be ingrained into the operations of a business, like a constant guiding principle.

It might seem like a lot to take in at once. I suggest that small businesses make use of the tools they have access to in order to raise awareness and concentrateon strategies, for reducing risks.The Mastercard Trust Centre offers resources to help businesses with cybersecurity education and guidance which includes our free Cybersecurity Assessment Tool.

You must include this section in your business plan because security is equally important, as all aspects of your operations.

Mastercard is fully dedicated to enhancing cybersecurity measures for an online environment. We consistently invest in cutting edge technology to adapt and remain informed, about developments. Our strategy involves merging technology with insights to evaluate the safeguard of the entire system.

The application of AI technology has significantly enhanced our ability to identify and prevent activities leading to a notable increase in fraud detection rates by two to three times over recent years. In one year we have successfully thwarted more than $20 billion worth of fraudulent attacks, across our network.

We aren't exactly a group of fraud experts we have individuals skilled in analyzing data to uncover valuable insights since data is central to our work and a crucial skill to possess.We also have team members dedicated to monitoring trends and adapting to the evolving landscape to guide our product development plans.We deliberate ways to utilize AI responsibly and efficiently as we explore remarkable applications of AI and next generation AI technologies, like fighting against fraud risks. Cyber attackers use the technology without the constraints we have. They don't concern themselves with ethics or rules; their main goal is speed.

Clever cybercriminals are constantly exploring approaches and combating fraud seems like an ongoing battle of wits yet we possess the tools to outsmart them at every turn.

We should prioritize adopting technology and studying patterns while investing in advanced technologies such as AI and biometrics that shift the concept of passwords to individuals themselves. Utilizing unique personal attributes, for authentication purposes.

We are trying to determine when some resistance in the process will be tolerated to protect people and their loved ones well, as their businesses.

There are stakeholders involved in this discussion table. Indeed there are individuals present; however our key to success in this battle is unity. I wholeheartedly believe that cooperation is a priority and the industry is uniting. The struggle against activities and cybercrime is not one that we can face alone. We are all united, in this endeavor.

Make the most of the assistance and tools provided by Mastercard to safeguard your business now and in the future with access, to a Cybersecurity Assessment Tool.