Speaking at the World Economic Forum in Davos, Mastercard CEO Michael Miebach stressed that cybersecurity underpins the digital world and consumer trust.
Miebach called for global collaboration and intelligence sharing to combat risks from evolving technologies like AI and quantum computing.
The cost of cybercrime is projected to reach $10.5 trillion annually by 2025. This marks a significant increase from $3 trillion recorded in 2015.
In a separate development, Mastercard partnered with fintech Moneythor to provide enhanced digital spending insights. The collaboration targets customers of First Abu Dhabi Bank (FAB), the largest bank in the UAE.
The partnership utilizes Mastercard's payment processing and Moneythor's personalization technology. This offers FAB consumers categorized transaction data and financial forecasts.