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New cybersecurity centre developed by Mastercard, feds, slated for Vancouver

BY , Jan 23, 2020 6:39 PM - REPORT AN ERRORLAST UPDATED ON Apr 24, 2020 3:31 PM

The federal government and Mastercard are working together to develop technologies and standards aimed at ensuring safe and secure use of any device connected to the internet. Minister of Innovation, Science and Industry, Navdeep Bains and Ajay Banga, CEO of Mastercard say the strategies will be developed at a new centre to be built in Vancouver.

The Intelligence and Cyber Centre is to be funded by a $510-million investment from Mastercard and $49 million from Canada.

The centre's goal is to ensure any internet-enabled device, ranging from phones and tablets to computers and vehicles, can be used without fear that personal or financial information could be stolen.

In addition to providing leadership in cybersecurity, the new centre will also support 380 jobs and enable creation of 100 new co-op positions. By 2025, experts estimate there will be 75 billion connected devices around the world and Bains says users want their data and privacy protected.

"(The centre) will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year," Bains says in a statement.Sasha Krstic, president of Mastercard in Canada, says innovations developed at the Intelligence and Cyber Centre in Vancouver will benefit consumers and businesses around the globe.

"(They) will help meet the growing demand for technology solutions to reduce the cost of cyberattacks, enable today's connected devices to become tomorrow's secure payment devices, and address the growing vulnerabilities associated with the Internet of Things," says Krstic.

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