Mastercard to build new cybersecurity centre in Vancouver

DAVOS, Switzerland—Innovation Minister Navdeep Bains and Ajay Banga, CEO of Mastercard, have announced a $510-million investment by Mastercard to establish the new Intelligence and Cyber Centre in Vancouver.

The announcement was made at the World Economic Forum Annual Meeting in Davos, Switzerland, Jan. 23.

The federal government is investing $49 million in the project, which it says will support 380 jobs and enable the creation of 100 new co-op positions.

Innovation, Science and Economic Development Canada says that in collaboration with universities, businesses and the public sector, the centre will create software tools to enable organizations to integrate cybersecurity more efficiently into their operations.

Bains said in a statement, “As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected. Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year.”

Sasha Krstic, president of Mastercard in Canada, also commented, “Ensuring payments are both convenient and secure has always been a top priority for Mastercard. We have a proud history of innovation in Canada, and we appreciate the support from the Canadian government as we deliver on a commitment to lead in digital security. Our new Intelligence and Cyber Centre in Vancouver 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. These innovations will benefit consumers and businesses in Canada and around the world.”