In the face of escalating cyber threats, Nigerian deposit money banks suffered substantial losses, nearing N10 billion in 2023 alone. This alarming trend persisted despite significant investments in cybersecurity innovations across the industry.
Mastercard, a renowned multinational payment card services provider, has taken proactive steps to address this pressing issue. At the 2024 Mastercard Fraud & Cyber Resilience Forum held in Lagos, Kari Tukur, Vice President and Head of Customer Solutions for East and West Africa at Mastercard, unveiled the company's substantial investment of over $250 million to bolster cybersecurity support for small and medium-sized enterprises (SMEs).
Expressing concern over the staggering losses incurred by banks, Tukur emphasized the imperative for collaborative action to combat fraudulent activities in Nigeria. The observed nearly 300 percent year-on-year growth in bank losses from 2022 to 2023 underscores the urgency of this call to action. Government agencies have echoed the need for unified efforts to counter the increasingly sophisticated cybersecurity threats plaguing the financial sector.
Mastercard's commitment extends beyond its role as a global payment technology company; it positions itself as a technology ally across diverse industries. Embracing challenges as opportunities for growth, Mastercard views the evolving cybersecurity landscape as a catalyst for innovation and learning. By investing significantly in cutting-edge technologies and robust security systems, Mastercard remains at the forefront of fraud prevention within the payment industry.
As threats evolve and cybercriminal tactics become more sophisticated, collaborative initiatives like Mastercard's investment in SME cybersecurity play a pivotal role in fortifying defenses and safeguarding against financial losses. Through strategic partnerships and ongoing innovation, the industry can collectively address emerging threats and ensure a secure digital ecosystem for businesses and consumers alike.
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