Mastercard Launches Africa Cybersecurity Center of Excellence
Mastercard has unveiled the Africa Cybersecurity Center of Excellence, a pan-African initiative dedicated to enhancing cyber resilience across the continent. This center aims to bolster collaboration and safeguard the trust essential to Africa’s rapidly growing digital economy.
Expanding Mastercard’s Global Reach
The new center will leverage Mastercard’s extensive expertise and network, integrating global capabilities and intelligence to support one of the world’s most dynamic digital economies. CEO Michael Miebach emphasized that this initiative underscores the company’s long-term dedication to Africa’s digital transformation, equipping organizations to anticipate, withstand, and recover from increasingly sophisticated cyber threats.
Phased Rollout Starting in Key Markets
The initiative will be implemented in phases, commencing this year in South Africa and Nigeria. Through a collaborative framework, the Center of Excellence aims to enhance cyber preparedness and resilience, paving the way for safer digital growth throughout Africa. Miebach noted the critical importance of cybersecurity as digital adoption accelerates across the continent, enabling economic development.
Building a Collective Defense Strategy
The Africa Cybersecurity Center of Excellence is designed to fortify collective defense on the continent by uniting financial institutions, government bodies, and private sector organizations. By fostering intelligence sharing and enhancing preparedness, the center aims to facilitate early threat detection and build long-term resilience against cyber incidents.
Harnessing Threat Intelligence and Collaboration
The center will serve as a central hub utilizing connected digital platforms, providing participants with enhanced visibility into potential threats. This includes a first year of ecosystem cyber risk analysis for up to 50 organizations and access to a specialized, Africa-focused threat intelligence feed created by Recorded Future, Mastercard’s subsidiary specializing in threat intelligence.
Continuous Evolution to Meet Market Needs
Mastercard envisions the Center of Excellence evolving over time, adapting its capabilities to meet market demands. Its framework rests on three principal pillars: threat intelligence and strategic insights; collaboration and knowledge sharing; and preparedness and resilience. The center will offer continuous risk monitoring, resilience assessments, and scenario-based exercises to empower organizations to effectively respond to emerging threats.
Addressing Cybercrime Threats in a Growing Economy
As Africa’s digital economy is forecasted to reach $1.5 trillion by 2030, collaboration becomes essential. However, cybercrime continues to rise, inflicting significant financial damage, with only 35% of incidents reported due to various factors such as inadequate cyber maturity and reputational risks. South Africa, in particular, faces a high prevalence of cyber threats, accounting for nearly 29% of ransomware attacks and 40% of phishing incidents across the continent.
Mastercard’s Role in Shaping a Secure Digital Future
South African President Cyril Ramaphosa underscored the importance of inclusivity in digitalization, advocating for security and reliability as foundational elements. The launch of the Africa Cybersecurity Center of Excellence marks Mastercard’s transition from a payment processor to a trusted technology and cyber intelligence partner, fostering cyber resilience and facilitating secure, inclusive, and sustainable digital growth. Mastercard aims to collaborate with governments, financial institutions, and businesses, regardless of size, to strengthen the digital infrastructure that underpins inclusive economic growth.
